Sullivan & Cromwell LLP represented AT&T Inc., which plans to buy DirecTV for $48.5 billion, gaining more than 38 million video subscribers at home and in Latin America. DirecTV’s legal advisers were: Weil, Gotshal & Manges LLP, Jones Day and Harris, Wiltshire & Grannis LLP.
Canadian Pacific Railway Ltd.’s chief executive officer may wear a target on his back as the company’s biggest shareholder, William Ackman’s Pershing Square Capital Management LP, pushes for a management switch.
William Ackman’s pick to lead Canadian Pacific Railway Ltd. would drive customers away if he employs the tactics he used to boost profitability at larger rival Canadian National Railway Co., the smaller carrier said.
William Ackman, the hedge-fund manager pressing Canadian Pacific Railway Ltd. for a leadership change, said the carrier is losing market share to rivals under current Chief Executive Officer Fred Green.
William Ackman’s Pershing Square Capital Management LP, the largest shareholder in Canadian Pacific Railway Ltd., urged the carrier to hire the former chief executive officer of rival Canadian National Railway Co., a person familiar with the matter said.
Canadian Pacific Railway Ltd.’s operating expenses consumed less revenue when Fred Green became chief executive officer than in this year’s first quarter, the last earnings period before shareholders vote on investor William Ackman’s bid to replace him.
Canadian Pacific Railway Ltd. Chief Executive Officer Fred Green, targeted for dismissal by hedge- fund investor William Ackman, received no bonus last year as the carrier failed to meet its profit targets.