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CP RAIL (HANDOUT)
CP RAIL (HANDOUT)

CP Rail hikes quarterly dividend ahead of key vote Add to ...

Canadian Pacific Railway Ltd. is raising its quarterly dividend to 35 cents from 30 cents ahead of a key shareholder vote.

The railway’s largest shareholder, Pershing Square Capital Management, is seeking to replace the railway’s chief executive.

The New York-based firm has put forth seven nominees to sit on CP’s 15-member board, which will be elected at the company’s annual meeting next month in Calgary.

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Last week, CP reported first-quarter results that were much improved compared with a year ago.

Helped in part by a milder winter and improved operations, the railway reported a profit of $142-million, up from $34-million a year ago.

Shares in the company were down $2.24 at $74.21 on the Toronto Stock Exchange on Monday.

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