Davis Polk advised the underwriters in connection with a $1.39 billion SEC-registered secondary offering of 9,840,890 common shares in the capital of Canadian Pacific Railway Limited (CP) by certain funds managed by Pershing Square Capital Management, L.P. The common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “CP.”

Based in Calgary, Alberta, Canada, CP operates as a transcontinental railway in Canada and the United States. CP’s diverse business mix includes bulk commodities, merchandise freight and intermodal traffic over a network of approximately 12,500 miles, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia and the U.S. Northeast and Midwest regions.

The Davis Polk corporate team included partner John G. Crowley and associates Ferrell Maguire Keel, Paul J. Connell and Nara Lee. The tax team included partner Michael Mollerus and associate Dao Fu. The environmental team included counsel David A. Zilberberg and associate Yuko Masunaga. All members of the Davis Polk team are based in the New York office

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