CALGARY - Canadian Pacific Railway (TSX:CP) says it's seeking potential buyers for a U.S. line that stretches about 1,000 kilometres across several states in the U.S. Midwest.
It's the latest strategic move for the Calgary-based company since a new board of directors installed Hunter Harrison as its chief executive officer in the summer.
Harrison is an American-born retired CEO of Canadian National Railway (TSX:CNR) and is credited with turning the Montreal-based company into the most efficient major railway in North America.
Canadian Pacific announced from Minneapolis on Tuesday morning that it's exploring strategic options for a line that runs from Tracy in Minnesota west into South Dakota, Nebraska and Wyoming.
CP assumed operation control of the line when it acquired Dakota, Minnesota & Eastern railroad in 2008.
It's the second move this week that shows the diminished status of the U.S. acquisition, including CP's announcement Monday that it has deferred plans to extend one of its lines into a coal-producing area known as Powder River Basin.