MONTREAL — CN said it intends to purchase for cancellation up to three 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 16.5-million share-repurchase program announced on Jan. 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 2011. 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
MONTREAL — CN announced that its Board of Directors has authorized a normal-course-issuer bid to purchase, for cancellation, up to 16.5 million, or 3.6 per cent, of the common shares issued and outstanding of the Company on Jan. 17, 2011. Approximately 459.6 million CN common shares were issued and outstanding on that date. The price to be paid by CN for any common shares will be the market price at the time of acquisition, plus brokerage fees, or such other price as the Toronto Stock Exchange (TSX) may permit. CN recently completed a share repurchase program announced in January 2010, under which
MONTREAL — The Port of Quebec, a terminal operator at the port, and CN said a service arrangement that will reduce transit times for shipments destined to Toronto to 38 hours from 53 hours, an improvement of almost 30 per cent. The improvement resulted from the port and terminal operator agreeing to more consistent release times for shipments and CN adjusting schedules to expedite the movement of traffic over its network between Quebec City and Toronto. CN will explore opportunities to expedite the shipment by rail of other commodities moving over the Port of Quebec, including metals and minerals concentrates.
TORONTO — Metrolinx purchased from CN the lower portion of the Newmarket Subdivision in central-north Toronto for C$68 million. The transaction gives Metrolinx end-to-end ownership of the 60-mile-long Barrie-Bradford GO Train corridor between downtown Toronto and Barrie, Ont. – a first for the government transit agency. Metrolinx is the Ontario government Crown corporation responsible for delivering an integrated, multi-modal transportation network in the Greater Toronto Area (GTA), from York and Durham through Toronto, Peel Halton and Hamilton. GO Transit, the operating division of Metrolinx, provides commuter rail and bus services in the GTA. The Metrolinx line acquisition fills the rail
TORONTO — CN opened a new Toronto Automotive Compound at MacMillan yard north of Toronto. The new facility’s track layout will accommodate the unloading of 60 auto-carrying rail cars at once, compared with 27 unloading spots at the former compound at Mac Yard, and will have room to park up to 4,500 vehicles. A planned phase two expansion of the compound will provide parking for 6,000 cars and/or trucks. “Our Toronto Automotive Compound is a key facility in our vehicle distribution network in Ontario, the largest auto market in Canada,” said James Foote, executive vice-president, Sales and Marketing for CN.
MONTREAL is developing a fast-growing business supplying jet fuel to airlines serving Toronto’s Lester B. Pearson International Airport. The effectiveness of CN’s rail pipeline for jet fuel to Pearson prompted the construction of a new Jet Fuel Rail Offloading, Storage and Distribution Facility near the airport, adjacent to CN’s Malport rail yard in northwest Toronto. “The changing dynamics of jet-fuel supply for airlines serving Pearson airport now require the carriers to strategically source fuel across the globe, and this has opened the door to rail to play an increasingly important role in these longer supply chains,” said James Foote, executive