CP meets with rival investors

TORONTO / The two sides in the battle to transform Canadian Pacific Railway will hold rival investor meetings this month as activist William Ackman seeks support for his plan for new management, and the company touts its own investment plan.

CP’S chief executive Fred Green announced his tour in a letter to employees posted on the company’s website late Monday.

Ackman’s Pershing Square Capital Management has separately invited investors to “CP Rising,” a meeting to be held in Toronto next Monday, Feb. 6. There Pershing, which holds a 14.2 per cent stake in Canada’s No. 2 railway, will make its case for replacing Green with Hunter Harrison, best known for engineering a turnaround at rival Canadian National Railway.