Union Pacific Corp. rose to the highest since at least 1980 after the railroad’s second-quarter profit beat analysts’ estimates as crude oil shipments increased and coal volumes showed signs of stabilizing.
William Ackman had to wait only six weeks after winning a proxy fight at Canadian Pacific Railway Ltd. for his choice as chief executive officer to get the job. Achieving his profitability targets for the least efficient of North America’s major railroads may take several years.
Canadian Pacific Railway Ltd. is planning track upgrades and expanding its board as activist investor William Ackman urges changes in management and operations after becoming the railroad’s largest shareholder.
FedEx Corp. may try to jump into the bidding for TNT Express NV after the board of Europe’s second- largest package-delivery company rejected a $6.43 billion offer from United Parcel Service Inc., investors and analysts said.
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.