BUZZ-Canadian Pacific Railway: William Ackman heads down different track

Thu Aug 4, 2016 9:25am EDT
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** U.S.-listed shares of Canadian Pacific Railway down nearly 4 pct premarket as billionaire investor William Ackman's hedge fund exits one of its most profitable investments

** Canadian Pacific and Pershing Square Capital Management announced after the bell on Wed that the HF sold its remaining 9.8 mln shares in the railroad, or 6.5 pct stake

** Underwriters JPM, Credit Suisse and BAML are reoffering the shares in range of $142.50-$144.50 vs $147.28 close, sources say

** Pershing previously sold CP shares in Apr via a block trade priced at $149; followed partial divestment of Mondelez International in Mar amid collapse in shares of Valeant

** Canadian Pacific sale caps one of Ackman's most prolific investments; occurs while Pershing's gross performance is down 18.2 pct this year through Aug 1

** Canadian Pacific's U.S.-listed shares have gained 15 pct YTD (RM: