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CP fires a shot at Ackman

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Canadian Pacific Railway's (CP-T) board is hitting back at William Ackman, the head of hedge fund Pershing Square Capital Management, over media leaks calling for a new CEO to take over CP Rail. BNN's Kristine Owram has more.

In a letter to Ackman, CP's Chairman of the Board John Cleghorn called recent media reports suggesting the board supported a motion to oust CP's current CEO Fred Green and replace him with former CN Rail CEO Hunter Harrison as "disappointing and highly inappropriate."

"Indeed, no invitation has been extended by us to Mr. Harrison, either directly or via Pershing Square."

Pershing Square recently took a 14.2-percent stake in Canadian Pacific and is the railway's largest shareholder.

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