Pershing to sell some of its CP railway stake in public offering

Thu Oct 24, 2013 4:50pm EDT
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TORONTO Oct 24 (Reuters) - Canadian Pacific Railway Ltd announced on Thursday that its largest shareholder, Pershing Square Capital Management, is selling 5.97 million of the CP shares it manages via a public offering.

In June, Pershing outlined plans to sell 7 million shares, or nearly one-third of its roughly 14 percent stake in Canada's second biggest railroad.

Upon the closing of the sale, Pershing said it will have completed its previously announced intention to sell 7 million shares of Canadian Pacific.

Credit Suisse, BofA Merrill Lynch and Morgan Stanley are acting as underwriters for the offering.