Canadian Pacific completes acquisition of DM&E Railroad

    CALGARY, Oct. 4 /CNW/ - Canadian Pacific Railway Limited (TSX/NYSE:   CP)
announced today that it has completed the transaction to acquire Dakota,
Minnesota & Eastern Railroad Corporation and its subsidiaries (DM&E). The
agreement was previously announced on September 4, 2007.
    The transaction is subject to review and approval by the U.S. Surface
Transportation Board (STB), pending which the shares of DM&E have been placed
into an independent voting trust. The voting trust is required by US law so
that CP does not exercise control over DM&E prior to approval of the
transaction by the STB.
    CP announced that Mr. Richard Hamlin has been appointed as the trustee
during the review period. Mr. Hamlin is a private consultant with over
30 years of experience serving major transportation companies. He is a retired
National Director for the Transportation Practice of KPMG LLP and has served
as past Chairman of the American Institute of CPA's (AICPA) Transportation
Committee and of its Railroad and Trucking Task Forces. He has also served on
the executive committee of numerous councils of the American Trucking
Associations (ATA).
    CP has developed a solid transition plan which focuses on safety and
customer service that it will, subject to any requirements imposed by the STB,
implement upon receipt of STB approval of the acquisition. The DM&E will
become part of CP's overall U.S. network upon receipt of STB approval. The STB
review process is expected to take less than a year.

    About Canadian Pacific

    Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, most
fluid railway in North America. Our people are the key to delivering
innovative transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where we
operate. Our combined ingenuity makes CP a better place to work, rail a better
way to ship, and North America a better place to live. Come and visit us at to see how we can put our ingenuity to work for you. Canadian
Pacific is proud to be the official rail freight services provider for the
Vancouver 2010 Olympic and Paralympic Winter Games.

For further information:

For further information: Media, Leslie Pidcock, Tel.: (403) 319-6878,
e-mail:; Investment Community, Janet Weiss, Assistant
Vice-President Investor Relations, Tel.: (403) 319-3591, e-mail:

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