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Today, Canadian Pacific Railway announced it will purchase up to 2.5 million shares of its outstanding common stock, or 1.6 percent of 159 million common shares outstanding as of May 25.

The Class I will buy the shares between June 6, 2005, and June 5, 2006, at current market prices.

“This will mitigate dilution that may occur as a result of stock options being exercised under the company's long-term incentive compensation program and [increase] the underlying value of CPR's remaining outstanding shares,” said CPR Executive Vice President and Chief Financial Officer Mike Waites in a prepared statement.