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.

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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)

Reuters

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This News Originally From – The Epoch Times

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