Reuters - American National Railway Co said on Friday it would resume a previously approved share buyback, days after walking away from its $29.6 - billion deal for U.S. railroad operator Kansas City Southern.
The largest Canadian railroad expects to completed the remaining C $1.1 billion, $869.02 million in share repurchases by the end of January, it said in a statement.
The company, under fire from investors for its failed bid to buy Kansas City Southern, said it was planning to raise C $700 million of operating income improvements in 2022 by increasing labor productivity and reviewing its non-rail business plans.
It reaffirmed its 2021 targets for double-digit increase of adjusted earnings per share and free cash flow.
The abandonment of its approach to Kansas City Southern allowed rival Canadian Pacific Railway Ltd to cement a deal to buy the United States peer and create the first direct railroad linking Canada, the United States and Mexico.