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Ackman Exits Canadian Pacific Railway

Canadian Pacific Railway shares were lower Thursday following news that billionaire investor William Ackman exited his position in the company.

Canadian Pacific Railway (CP) - Get Canadian Pacific Railway Limited Report shares were lower Thursday following news that billionaire investor William Ackman exited his position in the company. Ackman's hedge fund Pershing Square sold its entire 9.84 million share stake in Canadian Pacific, which was valued at about $1.5 billion. In a statement, the company said it is not selling any common shares in the offering and will not receive any proceeds.

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