William Ackman’s Pershing Square Capital Management has upped his stake in Canadian Pacific Railway, Canada’s second-largest railroad.
The activist investor has bought another $90 million worth of CP stock, reports Reuters, bringing his stake to 12.4%. Pershing revealed in a U.S. regulatory filing on October 28 that it had become the railroad’s biggest shareholder, at that time holding 12.2%.
Ackman is known for working “inside the tent” with management to try to improve the value of the business. Pershing has been mum on its plans for CP although Ackman has been reported as saying he did not think it should be sold.
CP, which operates a 14,000-mile rail network across Canada and into the United States, was formed in 1881 to build Canada’s first transcontinental railway.