MONTREAL,
Nov. 4, 2011 /PRNewswire/ - CN (TSX:
CNR) (NYSE: CNI) announced today that it intends to purchase for
cancellation up to 5.65 million of its common shares pursuant to
private agreements between CN and an arm's-length third-party
seller. The purchases will form part of CN's 17-million
share-repurchase program announced on Oct.
25, 2011.
Such purchases will be made pursuant to an issuer bid exemption
order issued by the Ontario Securities Commission and will take
place before the end of March 2012.
The price that CN will pay for any common shares purchased by it
under such agreements will be negotiated by CN and the seller and
will be at a discount to the prevailing market price of CN's common
shares on the Toronto Stock Exchange at the time of the
purchase.
Forward-Looking Statements
Certain information included in this news
release constitutes "forward-looking statements" within the meaning
of the United States Private
Securities Litigation Reform Act of 1995 and under Canadian
securities laws, including potential purchases of common shares for
cancellation under a normal course issuer bid. CN cautions that, by
their nature, these forward-looking statements involve risk,
uncertainties and assumptions. The Company cautions that its
assumptions may not materialize and that the current economic
conditions render such assumptions, although reasonable at the time
they were made, subject to greater uncertainty.
Important risk factors that could affect the
above forward-looking statements include, but are not limited to,
the effects of general economic and business conditions, industry
competition, inflation, currency and interest rate fluctuations,
changes in fuel prices, legislative and/or regulatory developments,
compliance with environmental laws and regulations, actions by
regulators, various events which could disrupt operations,
including natural events such as severe weather, droughts, floods
and earthquakes, labor negotiations and disruptions, environmental
claims, uncertainties of investigations, proceedings or other types
of claims and litigation, risks and liabilities arising from
derailments, and other risks and assumptions detailed from time to
time in reports filed by CN with securities regulators in
Canada and the United States. Reference should be made to
"Management's Discussion and Analysis" in CN's annual and interim
reports, Annual Information Form and Form 40-F filed with Canadian
and U.S. securities regulators, available on CN's website, for a
summary of major risks and assumptions.
CN assumes no obligation to update or revise
forward-looking statements to reflect future events, changes in
circumstances, or changes in beliefs, unless required by applicable
Canadian securities laws. In the event CN does update any
forward-looking statement, no inference should be made that CN will
make additional updates with respect to that statement, related
matters, or any other forward-looking statement.
CN - Canadian National Railway Company and its
operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and
Pacific oceans to the Gulf of
Mexico, serving the ports of Vancouver, Prince
Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas
of Toronto, Buffalo, Chicago, Detroit, Duluth,
Minn./Superior, Wis.,
Green Bay, Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all points
in North America. For more
information on CN, visit the company's website at www.cn.ca.
SOURCE CN