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Canadian National Railway to buy back shares

NEW YORK -- Canadian National Railway Co. said Friday that it plans to buy back up to 5.8 million of its shares under private agreements with a third-party seller, whom it did not identify.

The deals would be part of a $1.4 billion share-repurchase program that the freight railroad company announced on Monday.

Canadian National said it will buy back the shares at a discount to its price on the Toronto Stock Exchange. It said purchases would occur before the end of next March.

Canadian's U.S.-traded shares fell 32 cents to close at $86.71.

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