Canadian Pacific raises share buyback ceiling after hitting maximum threshold

CALGARY - Canadian Pacific Railway Ltd. (TSX:CP) has received approval to more than double the amount of stock it can purchase under its 2014-15 share buyback program, having reached the maximum available under the initial plan.

The Calgary-based company will now be able to repurchase and cancel up to 12.65 million common shares by mid-March 2015 — an increase of 140 per cent from the previous limit.

Since March 17, 2014, Canadian Pacific has repurchased about 5.27 million common shares through the Toronto and New York stock exchanges.

CP didn't disclose the average price paid in its announcement late Monday. The stock closed at $228.58, up $2.65 in Toronto.