CP Rail CEO says company mulls potential buyback or dividend

Mon Apr 11, 2016 3:22pm EDT
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MONTREAL, April 11 (Reuters) - Canadian Pacific Railway Ltd Chief Executive Hunter Harrison said on Monday the company's board would next week consider using cash once planned to acquire rival Norfolk Southern Corp for a potential buyback, dividend, or combination of both.

Harrison said in a phone interview from Chicago that CP's failed bid for Norfolk Southern, which he attributed to multiple factors including recent statements by the Department of Justice and the U.S. Army, did not spell the end of mergers in the rail industry. "It's just the timing," he said. (Reporting by Allison Lampert; Editing by Matthew Lewis)