Canadian Pacific boosts dividend, to buy back shares

Wed Apr 20, 2016 7:42am EDT
 
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April 20 (Reuters) - Canadian Pacific Railway increased its quarterly dividend and said it planned to buy back up to 5 percent of its shares, days after abandoning a bid to buy Norfolk Southern Corp.

Canada's No. 2 railroad said it would repurchase up to 6.91 million of its common shares. As of Tuesday's close of C$189.95, the buyback would be worth about C$1.31 billion.

The company raised its quarterly to 50 Canadian cents per share from 35 Canadian cents. (Reporting Amrutha Gayathri in Bengaluru; Editing by Saumyadeb Chakrabarty)