(The Canadian Press circulated the following on September 21.)
MONTREAL — Canadian National Railway Co. (TSX: CNR) said it plans to buy back five million of its common shares, or about one per cent of its common shares outstanding, as part of its current 33-million share repurchase program.
The company said in July it would purchase for cancellation up to 33 million, or 6.6 per cent, of its common shares outstanding before July 2008.
Earlier this year, CNN finished a buy back where it repurchased 28 million common shares at a weighted average price of C$51.88.
“CN’s policy is to return excess cash to its shareholders through ongoing increases in dividends and share repurchase programs,” the company said previously.
On Friday, CN shares closed down $1.49 to $55.16 on the Toronto Stock Exchange.