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    CP   CA13645T1003

CANADIAN PACIFIC RAILWAY LIMITED

(CP)
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Canadian Pacific Railway : Hedge fund TCI up 17% over first nine months Of 2021, helped by CN Rail stake -source

10/20/2021 | 01:31pm EST

TORONTO, Oct 20 (Reuters) - Chris Hohn's hedge fund firm TCI Fund Management rose over 17% in the first nine months of year, a source close to the firm told Reuters on Wednesday, as the activist investor benefited from its stake in Canadian National Railway Co.

TCI, which owns a 5% stake in CN, has been agitating for change at Canada's biggest rail road operator since August after it entered into a bidding war with Canadian Pacific Railway Ltd for U.S. rail operator Kansas City Southern. CP finally clinched the $27 billion deal for Kansas last month after CN bowed out.

On Tuesday, CN's Chief Executive Officer Jean-Jacques Ruest announced he would retire at the end of January after facing consistent pressure from TCI.

TCI's double-digit returns exceeded the average hedge fund gains of 9.8% over the same period, according to data from Hedge Fund Research. TCI managed $40 billion in assets under management at end-June.

The source declined to be identified as the information is not public.

Shares in CN have risen 16.2% since TCI first suggested a change of senior management and a shake-up of the board, advocating for former Union Pacific executive Jim Vena to helm the company.

But TCI on Tuesday said despite the success of the campaign, the firm will continue to advocate for further changes.

The hedge fund had also advocated for more railroad experience on the board, suggesting former Illinois Central Railroad Chairman Gilbert H. Lamphere be appointed as director.

While TCI has held a position in CN since 2018, the campaign marks the hedge fund's first foray into shareholder activism in Canada.

A spokesman for TCI declined to comment. (Reporting by Maiya Keidan; editing by Diane Craft)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY 1.28% 166.48 Delayed Quote.15.69%
CANADIAN PACIFIC RAILWAY LIMITED 2.73% 90.88 Delayed Quote.0.12%
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Financials
Sales 2021 8 114 M 6 341 M 6 341 M
Net income 2021 2 977 M 2 326 M 2 326 M
Net Debt 2021 9 456 M 7 390 M 7 390 M
P/E ratio 2021 20,2x
Yield 2021 0,86%
Capitalization 58 967 M 46 058 M 46 084 M
EV / Sales 2021 8,43x
EV / Sales 2022 8,02x
Nbr of Employees 12 262
Free-Float 100,0%
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Number of Analysts 26
Last Close Price 88,41 CAD
Average target price 102,27 CAD
Spread / Average Target 15,7%
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Managers and Directors
Keith Edward Creel President, Chief Executive Officer & Director
Nadeem S. Velani Chief Financial Officer & Executive Vice President
Isabelle Courville Chairman
Justin Dale Meyer Vice President-Engineering
Pam Arpin Chief Information Officer & Vice President
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