Bonuses trimmed for CP executives as profit falls 36%

Article Abstract:

Canadian Pacific Ltd (CP) has lessened significantly the bonuses of its executives. CP did not explain why the cuts were made, but it posted a 36% decline in its 1998 profit, amounting to $801 million on revenue of $10.2 billion. Chmn David O'Brien's bonus was cut 31%, while the bonus cut of executive vp Willaim Fatt was 9%. CP executives who successfully achieve their targets receive bonuses ranging from 30% to 50% of their base salaries.

Canada, Management development, Canadian Pacific Ltd.

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CN clears hurdle in Illinois Central bid

Article Abstract:

Canadian National Railway Co (CN) has cleared a major obstacle in its planned $2.4-billion acquisition of Chicago, IL-based Illinois Central Corp after passing the environmental test conducted by the US Surface Transportation Board. The board concluded that the CN-Illinois Central merger would result in some environmental hazards, but the benefits that could be derived from the deal far outweigh the disadvantages.

United States, Asset sales & divestitures, Acquisitions & mergers, Illinois Central Corp.

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