Canadian Pacific to buy back up to 5.3 mln shares

March 11 Tue Mar 11, 2014 8:15am EDT

March 11 (Reuters) - Canadian Pacific Railway , the country's second-largest railroad, said it would buy back up to 5.3 million shares, or about 3 percent of its total outstanding shares, over the next year.

Canadian Pacific shares closed at C$171.30 on Monday on Toronto Stock Exchange, valuing the buyback program at about C$903 million ($813 million).

The buyback program is scheduled to start on March 17 and is due to end no later than March 16, 2015.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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