(Reuters) Billionaire investor William Ackman has exited his hedge fund’s investment in railway company Canadian Pacific CP.TO, freeing up roughly $1.5 billion in cash to make other future investments.
Pershing Square Capital Management and Canadian Pacific Railway Ltd on Wednesday said the New York-based hedge fund had sold its remaining 9.8 million shares in the Canadian railroad, representing a 6.51 percent stake, through trades organized by J.P. Morgan, Credit Suisse and BofA Merrill Lynch.
