CALGARY, Alta. — Canadian Pacific Railway (CPR) has issued the following statement about takeover rumours which have led to the TSX halting trading activity:

From time to time, CP receives inquiries with respect to possible acquisitions or business combinations, and has received such inquiries more frequently recently as it continues its strong financial performance. Earlier this year, CP received a highly conditional inquiry from Brookfield seeking exclusive negotiations and due diligence.

CP’s Board of Directors considered the inquiry to be inadequate after due deliberation and declined to enter into discussions. While CP continues to receive such inquiries, it is not at this time in negotiations with any party with respect to a business combination. No assurance can be given that such negotiations might be entered into or that, if entered into, any transaction would result.

CP corporate policy is not to comment on rumours and accordingly does not intend to comment further on this speculation. The foregoing information may contain forward-looking statements relating to the future performance of CP. Undue reliance should not be placed on forward-looking information as actual results may differ materially. Canadian Pacific, through the ingenuity of its employees located across Canada and in the United States, remains committed to being the safest, most fluid railway in North America.