MONTREAL,
Oct. 26, 2012 /PRNewswire/ - CN (TSX:
CNR) (NYSE: CNI) announced today that it intends to purchase for
cancellation up to 5.8 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 C$1.4 billion share-repurchase program announced
on Oct. 22, 2012.
Such purchases will be made pursuant and subject to the terms of
an issuer bid exemption order issued by the Ontario Securities
Commission and will take place before the end of March 2013. 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 earthquake s, 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