CN Begins Operating DM and E

Canadian Pacific Railway Limited on Nov. 6 celebrated the first day of operational control of recently acquired Dakota, Minnesota & Eastern Railroad Corporation and its subsidiaries: Iowa, Chicago & Eastern Railroad and Cedar American Rail Holdings.

“This is a significant day for Canadian Pacific, DM & E, IC & E and Cedar American Rail Holdings as it marks our acquisition of the largest and one of the most successful regional railroads in North America,” said CP President and Chief Executive Officer Fred Green. “We acquired the DM & E and IC & E railroads because of the opportunity for sustained double-digit top-line and EBITDA growth. Given the year-to-date performance, and our current outlook, we are anticipating that it will surpass our estimate of $0.15 to $0.17 contribution to our 2008 earnings per share.” -- Heath Business Week via World Grain, Nov. 6, 2008.