Fording Coal, one of CP’s largest customers, and a former division of Canadian Pacific, is about to be acquired.
From the Globe and Mail-
Teck Cominco Ltd. announced Tuesday that it has reached a $14.1-billion (U.S.) deal to acquire 100 per cent of the assets of Fording Canadian Coal Trust, Canada’s largest producer of metallurgical coal.
“Teck will pay approximately $12.4-billion in cash and issue approximately 36.9 million Teck Class B subordinate voting shares in consideration for the Fording assets,” Vancouver-based Teck said in a statement.
Full article-
http://www.theglobeandmail.com/servlet/story/RTGAM.20080729.wteck0729/BNStory/energy/home