Canadian Pacific Railway replaces Dakota, Minnesota and Eastern Railroad
2001 to present
In 2001, the CPR's parent company, Canadian Pacific Limited, spun off its five subsidiaries, including the CPR, into independent companies. Most of the company's non-railway businesses at the time of the split were operated by a separate subsidiary called Canadian Pacific Limited. Canadian Pacific Railway formally (but, not legally) shortened its name to Canadian Pacific in early 2007, dropping the word "railway" in order to reflect more operational flexibility. Shortly after the name revision, Canadian Pacific announced that it had committed to becoming a major sponsor and logistics provider to the 2010 Olympic Winter Games in Vancouver.On 4 September 2007, CPR announced it was acquiring the Dakota, Minnesota and Eastern Railroad from London-based Electra Private Equity. The transaction was an "end-to-end" consolidation and gave CPR access to United States shippers of agricultural products, ethanol and coal. CPR stated its intention to use this purchase to gain access to the rich coalfields of Wyoming's Powder River Basin. The purchase price was US$1.48 billion with future payments of over US$1 billion contingent on commencement of construction on the smaller railway's Powder River extension and specified volumes of coal shipments from the Powder River Basin. The transaction was subject to approval of the U.S. Surface Transportation Board (STB), which was expected to take about a year. On 4 October 2007, CPR announced that it had completed financial transactions required for the acquisition, placing the DM&E and IC&E in a voting trust with Richard Hamlin appointed as trustee. The merger was completed as of 31 October 2008.In 2010, four repainted Canadian Pacific AC4400CWs were used in the filming of the movie Unstoppable.
succeeds supersedes substitutes takes over fills in for