The railroad is continuing its aggressive series of share buyback programs.
Canadian National has planned the buyback of as many as 5.175 million of its shares via a third-party seller.
The program is part of the 28 million share buyback program announced on Oct. 21. That number represents 3.9 percent of the company’s outstanding shares.
During that initial announcement, Luc Jobin, the railroad’s executive vice president and chief financial officer, said the plan is about creating more investment.
“We continue to invest significantly in the business while maintaining a focus on consistently enhancing shareholder returns by increasing dividends and repurchasing shares,” he stated. “Since its privatization, CN has increased its dividends per share by 16 percent on average every year for 18 consecutive years and has created significant value for shareholders through regular share repurchases since its first buyback program in 2000.”
CN repurchased 22.3 million shares through a separate program that started in October 2013.
CN to buy back more shares
