CPR reduces interest in Detroit River Tunnel Partnership for proceeds of US$110 million

Canadian Pacific Railway Company ("CPR") and the Borealis Transportation Infrastructure Trust ("Borealis") were equal partners in the Detroit River Tunnel Partnership, which operates a rail tunnel between Windsor and Detroit. On June 30, 2009, CPR reduced its interest in the partnership for aggregate proceeds of $110 million. Borealis now owns 83.5% and CPR owns 16.5%. Regulatory approvals for the transaction were required under the Competition Act, the Canada Transportation Act and the International Bridges and Tunnels Act. CPR's legal team was led by Paul Guthrie, Vice-President Law, assisted by lawyers from Fasken Martineau including Andrew Derksen (corporate); William Bies (tax); and Anthony Baldanza and Mark Magro (competition and regulatory).