April 20, 2016 / 6:47 PM / 2 years ago

CP Rail CEO says company to put cash toward dividends, buybacks

TORONTO, April 20 (Reuters) - Canadian Pacific Railway Chief Executive Hunter Harrison said on Wednesday that Canada’s No. 2 railroad would pay out dividends and put its money toward share buybacks rather than build a cash horde for possible deals that may or may not materialize down the road.

“We’re not going to sit on cash unless we have an idea of what we’re going to do with it,” Harrison told media after the company’s annual shareholder meeting in Toronto. “If we see an opportunity that is realistic, that is maybe a year away and we think we can make it happen, then we might start being not so aggressive with dividends or buybacks and keep some of our powder dry to be able to deal with it.”

Reporting by John Tilak, Writing by Euan rocha; Editing by Chris Reese

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