Canadian Pacific ups dividend, okays share buyback

NEW YORK, March 1 (Reuters) - Canadian Pacific Railway Ltd. (CP.TO) on Thursday said it will increase its quarterly common stock dividend to C$0.225 cents per share from C$0.1875 per share.

The company also said its board of directors had authorized the repurchase in 2007 of up to 5.5 million common shares, or 3.5 percent of shares outstanding. It said the authorization will extend into 2008 if it does not complete the buyback in 2007.

Canadian Pacific said the higher dividend is payable on April 30 to shareholders of record as of March 30.