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Article: Canada : CPR sells 33.5 per cent of Detroit River tunnel to partner OMERS Borealis: $110M.
- Article from:
- TendersInfo
- Article date:
- April 4, 2009
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Byline: rakshali03
Canadian Pacific Railway Ltd. (TSX:CP) is selling most of its stake in a rail tunnel connecting Windsor, Ont., and Detroit for $110 million to a division of the Ontario Municipal Employees Retirement System.The move, designed to help shore up the Calgary-based railway's balance sheet, will allow Canadian Pacific to continue operating and collecting fees from the nearly century-old, 2.6-kilometre tunnel, which crosses under the Detroit River.Canadian Pacific had evenly split the ownership of the key Canada-U.S. rail route with Borealis Infrastructure Management, part of OMERS.
Its interest will decrease to 16.5 per cent, with Borealis ...