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Pershing Square names another CP Rail board nominee

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Pershing Square Capital Management (CP-T), which is waging a proxy battle against Canadian Pacific Railway, said on Wednesday that businessman Paul Haggis has agreed to be one of Pershing's nominees to sit on CP's board.

Haggis, who brings the number of Pershing board nominees to six, was previously president and chief executive of the Ontario Municipal Employees Retirement System, one of the country's largest pension funds.

Pershing Square, the New York-based hedge fund manager run by William Ackman, is CP's biggest shareholder. Citing a sluggish performance by the railroad, it wants to replace six of CP's 15 directors with its nominees, and replace CP's chief executive.

The board of CP has rejected Pershing's overtures and thrown its support behind CEO Fred Green and his multiyear plan to improve productivity at Canada's second-biggest railroad.

"CP believes that the best interests of shareholders are served by the continued execution of the multiyear plan, which is already producing results under the oversight of an engaged and qualified Board," CP spokesman Ed Greenberg said on Wednesday.

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