CANADIAN PACIFIC’S SPIN-OFF GETS FINAL APPROVAL

CANADIAN PACIFIC’S SPIN-OFF GETS FINAL APPROVAL    The reorganization of the Canadian Pacific conglomerate into five independent, publicly listed companies became effective Monday, following the reception of a final order from the Court of Queen’s Bench of Alberta approving its reorganization.
   The five new public companies are: Canadian Pacific Railway, CP Ships, PanCanadian, Fording, and Fairmont Hotels and Resorts.
   The Court of Queen’s Bench approval was the final condition required for the successful completion of the Canadian conglomerate’s reorganization.
   Trading on the Toronto Stock Exchange and the New York Stock Exchange will commence on Wednesday.
   Canadian Pacific Railway, providing rail and intermodal freight transportation over a 14,000-mile network extending from Montreal to Vancouver, and through the U.S. Midwest and Northeast, will trade under the stock exchange symbol “CP.”
   R. J. Ritchie, is president and chief executive officer of Canadian Pacific Railway.
   CP Ships, a liner shipping group engaged in the transatlantic, Australasian, Latin American and Asian markets under six different group brand names, will have “TEU” as its trading symbol on the stock exchanges.
   Ray Miles is chief executive officer of CP Ships.