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UNITED DOMINION ASSISTING CP DEBENTURE OFFERING

 UNITED DOMINION ASSISTING CP DEBENTURE OFFERING
 TORONTO, Nov. 10 /PRNewswire/ -- United Dominion Industries Limited


(NYSE, TSE: UDI) today announced that it is assisting Canadian Pacific Limited (TSE: CP) in connection with CP's C$105 million public offering in Canada of 8-1/2 percent equity exchangeable debentures, maturing December 1995 and exchangeable into United Dominion common shares.
 Prior to maturity of the debentures, voting rights pertaining to the 10 million United Dominion shares affected by the offering will remain with Canadian Pacific, except in limited circumstances. Assuming an exchange of all the debentures, Canadian Pacific's interest in United Dominion would be reduced from its current level of approximately 45% to a 17.5 percent position.
 United Dominion said the potential ownership change represented by the sale of these exchangable debentures will not affect its substantial U.S. tax-loss carryforwards unless other significant changes in the company's ownership occur.
 "The issue of these exchangeable debentures offers an orderly means for Canadian Pacific eventually to divest a large portion of its United Dominion shares in line with its objective of concentrating on core businesses and our objective of broadening our shareholder base," said William R. Holland, chairman and chief executive officer.
 The debentures and the United Dominion common shares issuable upon their exchange have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States or to any U.S. person absent registration or an applicable exemption from the registration requirements.
 United Dominion is a manufacturing, engineering and construction company serving construction and industrial equipment markets worldwide. The company operates 53 plants and has approximately 10,800 employees worldwide.
 -0- 11/10/92
 /CONTACT: Robert L. Shaffer of United Dominion at 704-347-6875/
 (UDI CP) CO: United Dominion Industries Limited; Canadian Pacific Limited ST: North Carolina IN: CST SU: OFR


CM -- CH001 -- 9093 11/10/92 08:52 EST
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Publication:PR Newswire
Date:Nov 10, 1992
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