CP extends share buyback program

The railroad has upped its target for the re-purchase of shares.    Canadian Pacific has increased its share buyback program from 3 percent of its outstanding shares to 8 percent of the total.
   The railroad announced the initial buyback on March 17, with a termination date one year later. CP has already re-purchased 3 percent of its outstanding shares — which amounts to just more than 5.2 million shares — and so it asked the Toronto Stock Exchange to adjust its normal course issuer bid and approve the higher target.
   The new buyback target is 12,650,862 shares.
   “The actual number of common shares that will be repurchased under the bid, and the timing of any such purchases, will be determined by CP,” according to a press release. “There cannot be any assurances as to how many common shares will ultimately be acquired.”