Thursday, October 28, 2021

Canadian National Will Resume Buyback After Abandoning Kansas City Deal

A Canadian National Railway (CN Rail) train, wooden pallets placed there by residents of a Tiendinaga Mohawk Territory encampment set up in support of the Wet Suwetton Nation trying to stop the construction of British Columbia’s Coastal GasLink Pipeline in Tiendinaga moves through. , Ontario, Canada February 26, 2020 (Alex Phillip/Reuters)

Canadian National Railway Company said on Friday it would resume a previously approved share buyback, days after walking away from its $29.6 billion deal for US railroad operator Kansas City Southern.

The largest Canadian railroad expects to complete the remaining C$1.1 billion ($869.02 million) share repurchase by the end of January next year, it said in a statement.

Read Also:  21 killed in ultramarathon in extreme cold weather in China

The company, under target of some investors for its failed bid to buy Kansas City Southern, said it aims to improve operating income by C$700 million in 2022 by increasing labor productivity and reviewing its non-railway businesses. making target.

It reaffirmed its 2021 target of double-digit growth in adjusted earnings per share and free cash flow.

Canadian National abandoning its approach to Kansas City Southern allowed rival Canadian Pacific Railway Ltd to strike a deal to buy US Peer and build the first direct railway connecting Canada, the United States and Mexico.

($1 = 1.2658 Canadian Dollar)




This News Originally From – The Epoch Times

Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -