TCI Fund Management Amends CN Railway Stake Filing

TL;DR

TCI Fund Management updated their stake in CN Railway - check the filing for details.

AI Summary

TCI Fund Management Ltd, led by Christopher Hohn, has filed an amendment (Amendment No. 9) to its Schedule 13D/A for Canadian National Railway Company on November 4, 2024. The filing indicates a change in their holdings of the company's common shares.

Why It Matters

This amendment signals a potential shift in a significant institutional investor's position in Canadian National Railway, which could influence market perception and stock price.

Risk Assessment

Risk Level: medium — Amendments to 13D filings often indicate changes in significant shareholder positions, which can lead to increased volatility.

Key Players & Entities

• TCI Fund Management Ltd (company) — Filing entity
• Christopher Hohn (person) — Director/Manager of TCI Fund Management Ltd
• Canadian National Railway Company (company) — Subject company
• Eleazer Klein, Esq. (person) — Legal counsel
• Schulte Roth & Zabel LLP (company) — Legal firm

FAQ

Key Financial Figures

• $3,278,812,589 — s at an aggregate cost of approximately $3,278,812,589, excluding brokerage commissions. Item

Filing Documents

• p24-3188sc13da.htm (SC 13D/A) — 75KB
• 0000902664-24-006201.txt ( ) — 76KB

of the Schedule 13D is hereby amended and restated in its entirety

Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows: The 32,719,677 Shares reported herein as beneficially owned by the Reporting Persons were purchased using working capital of the TCI Funds and Accounts at an aggregate cost of approximately $3,278,812,589, excluding brokerage commissions. Item 5. INTEREST IN SECURITIES OF THE COMPANY. Items 5(a), (b) and (c) of the Schedule 13D are hereby amended and restated in their entirety as follows: (a) The aggregate percentage of Shares reported to be beneficially owned by the Reporting Persons is based upon 628,800,000 Shares outstanding which is the number of Shares reported to be outstanding as of October 22, 2024, as reported in the Company's Form 6-K filed with the Securities and Exchange Commission (the " SEC ") on October 22, 2024. As of the close of business on November 1, 2024, the Reporting Persons may be deemed to beneficially own 32,719,677 Shares, representing approximately 5.2% of the Shares outstanding. TCIF UK is the investment manager of the TCI Funds and Accounts. Christopher Hohn is the Managing Director of TCIF UK. By reason of the provisions of Rule 13d-3 of the Act, Mr. Hohn may be deemed to beneficially own the Shares held by the TCI Funds and Accounts. The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial (b) The Reporting Persons have shared voting and dispositive power over 32,719,677 Shares. (c) Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty days is set forth in Schedule A hereto and is incorporated herein by reference. All of the transactions in Shares listed hereto were effected in the open market through various brokerage entities. CUSIP No. 136375102 13D/A Page 5 of 7 Pages

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: November 4, 2024 TCI Fund Management Limited /s/ Christopher Hohn Name:Christopher Hohn Title:Managing Director /s/ Christopher Hohn Christopher Hohn CUSIP No. 136375102 13D/A Page 6 of 7 Pages Schedule A Transactions in the Shares of the Company During the Last 60 Days The following tables set forth all transactions in the Shares effected in the past sixty days by the Reporting Persons as of the close of business on November 1, 2024. Except as noted below, all such transactions were effected in the open market through brokers and the price per share is net of commissions. The price reported in the column Price Per Share ($) is a weighted average price. These Shares were purchased in multiple transactions at prices between the price ranges indicated in the column Price Range ($). The Reporting Persons will undertake to provide to the staff of the SEC, upon request, full information regarding the number of Shares sold at each separate price. Trade Date Shares Purchased (Sold) Price Per Share ($) Price Range ($) 9/18/2024 (100,400) 159.687 159.245 - 160.240 * 9/18/2024 (43,000) 160.427 160.245 - 161.220 * 9/19/2024 (200,850) 161.226 160.500 - 161.490 * 9/19/2024 (24,150) 161.767 161.500 - 162.450 * 9/20/2024 (105,359) 157.507 157.040 - 158.040 * 9/20/2024 (299,109) 158.722 158.041 - 159.040 * 9/20/2024 (15,632) 159.169 159.045 - 159.410 * 9/20/2024 (4,900) 160.750 160.750 - 160.750 * 9/23/2024 (183,278) 158.129 157.570 - 158.560 * 9/23/2024 (31,722) 158.766 158.570 - 159.000 * 9/24/2024 (174,534) 158.793 158.130 - 159.128 * 9/24/2024 (8,866) 159.162 159.130 - 159.225 * 9/25/2024 (73,970) 156.222 156.060 - 157.000 * 9/25/2024 (29,700) 157.589 157.110 - 158.050 * 9/25/2024 (14,730) 15

View Full Filing

View this SC 13D/A filing on SEC EDGAR