Canadian Pacific Kansas City (CPKC) announced that the Toronto Stock Exchange has approved its plan to repurchase up to 37.35 million common shares, representing approximately 4% of its outstanding shares as of February 18, 2025. The normal course issuer bid (NCIB) will commence on March 3, 2025, and run through March 2, 2026.
CEO Keith Creel stated that, after strengthening its balance sheet following the merger of Canadian Pacific and Kansas City Southern, CPKC is confident in reinstating its share buyback program, leveraging strong cash flow and growth opportunities.
The repurchases may be conducted through the TSX, the NYSE, or other permitted channels, including open market transactions, private agreements, or issuer bid exemptions. Shares will be acquired at market price and immediately canceled. CPKC also plans to implement an automatic purchase plan during blackout periods, allowing its broker to execute transactions based on pre-set parameters.
With 933.7 million shares outstanding as of February 18, 2025, CPKC will adhere to daily repurchase limits set by the TSX and NYSE. The company believes the buyback is a strategic use of funds but does not guarantee the number of shares to be repurchased.
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