Canadian Pacific Railway replaces Central Maine & Quebec Railway
On 28 October 2011, in a Schedule 13D filing, the U.S. hedge fund Pershing Square Capital Management (PSCM) indicated it owned 12.2 percent of Canadian Pacific. PSCM began acquiring Canadian Pacific shares in 2011. The stake eventually increased to 14.2 percent, making PSCM the railway's largest shareholder. At a meeting with the company that month, Pershing's head Bill Ackman proposed replacing Fred Green as CP's chief executive. Just hours before the railway's annual shareholder meeting on Thursday, 17 May 2012, Green and five other board members, including chairman John Cleghorn, resigned. The seven nominees, including Ackman and his partner, Paul Hilal, were then elected. The reconstituted board, having named Stephen Tobias (former vice president and chief operating officer of Norfolk Southern Railroad) as interim CEO, initiated a search for a new CEO, eventually settling on E. Hunter Harrison, former president of Canadian National Railway, on 29 June 2012.Canadian Pacific Railway Ltd. trains resumed regular operations on 1 June 2012 after a nine-day strike by some 4,800 locomotive engineers, conductors and traffic controllers who walked off the job on 23 May, stalling Canadian freight traffic and costing the economy an estimated CA$80 million (US$77 million). The strike ended with a government back-to-work bill forcing both sides to come to a binding agreement.On 6 July 2013, a unit train of crude oil which CP had subcontracted to short-line operator Montreal, Maine and Atlantic Railway derailed in Lac-Mégantic, killing 47. On 14 August 2013, the Quebec government added the CPR, along with lessor World Fuel Services (WFS), to the list of corporate entities from which it seeks reimbursement for the environmental cleanup of the Lac-Mégantic derailment. On 15 July, the press reported that CP would appeal the legal order. Railway spokesman Ed Greenberg stated "Canadian Pacific has reviewed the notice. As a matter of fact, in law, CP is not responsible for this cleanup." In February 2014, Harrison called for immediate action to phase-out DOT-111 tank cars, known to be more dangerous in cases of derailment.On 12 October 2014 it was reported that Canadian Pacific had tried to enter into a merger with American railway CSX, but was unsuccessful.In 2015–16 Canadian Pacific sought to merge with American railway Norfolk Southern. and wanted to have a shareholder vote on it. Canadian Pacific created a website to persuade people that the Canadian Pacific/Norfolk Southern merger would benefit the rail industry. However, this proposed merger would come under scrutiny by the U.S. Department of Justice over antitrust concerns created by the proposed merger. Canadian Pacific filed a complaint against the U.S. DOJ and dropped their proposed proxy fight in the proposed merger with Norfolk Southern. The proposed merger was also opposed by rival freight company, the United Parcel Service (UPS), who spoke out about the rail merger and said they were against the Canadian Pacific/Norfolk Southern merger. CP ultimately terminated its efforts to merge on 11 April 2016.On 18 January 2017 it was announced that Hunter Harrison was retiring from CP and that Keith Creel would become president and chief executive officer of the company effective 31 January 2017.On 4 February 2019, a loaded grain train ran away from the siding at Partridge just above the Upper Spiral Tunnel in Kicking Horse Pass. The 112-car grain train with three locomotives derailed into the Kicking Horse River just after the Trans Canada Highway overpass. The three crew members on the lead locomotive were killed. The Canadian Pacific Police Service (CPPS) investigated the fatal derailment. It later came to light that, although Creel said that the RCMP "retain jurisdiction" over the investigation, the RCMP wrote that "it never had jurisdiction because the crash happened on CP property". On 26 January 2020, Canadian current affairs program The Fifth Estate broadcast an episode on the derailment, and the next day the Canadian Transportation Safety Board (TSB) called for the RCMP to investigate as lead investigator Don Crawford said, "There is enough to suspect there's negligence here and it needs to be investigated by the proper authority".On 4 February 2020, the TSB demoted its lead investigator in the crash probe after his superiors decided these comments were "completely inappropriate". The TSB stated that it "does not share the view of the lead safety investigator". The CPPS say they did a thorough investigation into the actions of the crew, which is now closed and resulted in no charges, while the Alberta Federation of Labour and the Teamsters Canada Rail Conference called for an independent police probe.On 20 November 2019, it was announced that Canadian Pacific would purchase the Central Maine and Quebec Railway from Fortress Transportation and Infrastructure Investors. The line had had a series of different owners since being spun off of the Canadian Pacific in 1995. The first operator was the Canadian American Railroad a division of Iron Road Railways. In 2002 the Montreal, Maine & Atlantic took over operations after CDAC declared bankruptcy. The Central, Maine and Quebec Railway started operations in 2014 after the MMA declared bankruptcy due to the Lac-Mégantic derailment. On this new acquisition, CP CEO Keith Creel remarked that this gives CP a true coast-to-coast network across Canada and an increased presence in New England. On June 4, 2020; Canadian Pacific bought the Central Maine and Quebec.
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