Press Release: Canadian Pacific Limited
October 4, 2001
CALGARY, AB -- Canadian Pacific Limited today marked the successful completion of its reorganization process. The
Corporation's five operating businesses became fully independent companies with their formal listing and commencement
of trading on the Toronto and New York Stock Exchanges.
In a listing ceremony at The Toronto Stock Exchange (TSE) where he officially opened the day's trading, David
P. O'Brien, Chairman, President and Chief Executive Officer of Canadian Pacific Limited said, "This marks
a new beginning for five wonderful companies and brings a number of significant investment opportunities to the
marketplace."
"The starburst process we announced in February culminates today with the formal creation of five widely held
public companies from one. Each company is a star in its own galaxy. PanCanadian Energy is one of North America's
largest independent oil and gas producers. Fording is the world's second largest producer of metallurgical coal
for export. Canadian Pacific Railway is one of North America's most efficient railways. CP Ships is one of the
ten largest container shipping companies in the world and Fairmont Hotels & Resorts is the largest luxury hotel
company in North America. Their newfound independence provides these companies with the flexibility and the resources
with which to realize their full potential."
Mr. O'Brien added, "Canadian Pacific has had a strong presence on the TSE since 1892. Additionally, in 1883,
Canadian Pacific was the first company from outside the United States to list on the New York Stock Exchange. I
am pleased that Canadian Pacific's legacy will be the addition of these strong industry leaders to the list of
companies participating in both of these important and influential marketplaces."
PanCanadian (TSE:PCE; NYSE:PCX) is a North American energy company active in the exploration, development, production
and marketing of natural gas, crude oil, natural gas liquids and electricity. PanCanadian's core areas include
the Western Basin, encompassing interests in Western Canada and onshore in the United States; the East Coast of
Canada; the Gulf of Mexico; and the United Kingdom.
Fording (TSE/NYSE: FDG) is Canada's largest and lowest-cost producer of export coal. Its three mines in southeastern
British Columbia produce primarily high-quality metallurgical coal for the international steel industry. Its operations
in Alberta include two mines supplying thermal coal to electric utilities. Fording is also the world's largest
supplier of the industrial mineral wollastonite, with operations in New York and Mexico.
Canadian Pacific Railway (TSE/NYSE: CP) provides rail and intermodal freight transportation services over a 14,000-mile
network extending from Montreal to Vancouver, and through the U.S. midwest and northeast. Commercial alliances
with other carriers extend Canadian Pacific Railway's (CPR) market reach beyond its own network. Servicing ports
on the east coasts of Canada and U.S. and the Port of Vancouver, CPR links North America with European and Pacific
Rim markets, moving large volumes of import and export goods across the continent.
CP Ships (TSE/NYSE: TEU) is a leading provider of regional ocean and related inland transportation services, combining
local market knowledge and customer service with the global reach and economies of scale of a large container shipping
carrier. CP Ships operates primarily in the TransAtlantic, Australasian, Latin American and Asian markets under
six brand names: ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines and TMM Lines. CP Ships transports
nearly two million twenty-foot equivalents units (teu) per year, which places it among the ten largest ocean carriers
in the world.
Fairmont Hotels & Resorts Inc. (TSE/NYSE: FHR) is one of North America's leading owner/operators of luxury
hotels and resorts. Fairmont Hotels & Resorts Inc.'s (FHR) portfolio consists of 77 luxury and first class
properties with more than 30,000 rooms in Canada, the United States, Mexico, Bermuda and Barbados. It holds a 67
per cent controlling interest in Fairmont Hotels & Resorts and a 100 per cent interest in Delta Hotels. In
addition to hotel management, FHR holds real estate interests in 20 properties, a 34 per cent investment interest
in the Legacy Hotels Real Estate Investment Trust and certain other assets held by CPL.
SOURCE: Canadian Pacific Limited