BUZZ-Canadian Pacific Railway: William Ackman offloads - sources

Fri Apr 22, 2016 10:56am EDT
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** Activist investor William Ackman continues to scale back as his hedge fund sells portion of its stake in Canadian Pacific Railway, fund's second biggest public holding

** Market sources say Credit Suisse reoffered 4.1 mln of the U.S.-listed shares at $149.00 vs Thursday's $150.16 close; Pershing Square Capital Management cited as sole seller

** HF cuts stake to about 6.4 pct from 9.1 pct; had owned 13.9 mln shares as of end-of-Feb

** On Apr 11, Canadian Pacific scrapped its efforts to buy Norfolk Southern, a deal Ackman had pushed hard for late last year

** Selldown comes a month after Ackman's fund divested part of its stake in Mondelez International, as the billionaire investor adjusted his battered portfolio following Valeant's plunge

** Canadian Pacific's U.S.-listed shares currently off 0.85 pct. Stock still up 18 pct YTD (RM: