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Article: CANADIAN NATIONAL RAILWAY COMPANY OFFERING
- Article from:
- PR Newswire
- Article date:
- November 22, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MONTREAL, Nov. 22 /PRNewswire/ -- Paul M. Tellier, Chief Executive Officer of Canadian National Railway Company, announced today that the Underwriters of the CN Offering have exercised all the over-allotment options and will purchase 7.6 million additional CN common shares. As a result, the Government will sell all its 80,000,000 shares in CN and will no longer hold any position in the Company.
In order to cover the options, CN will issue 3.8 million shares from treasury to the Government. The net proceeds to CN will be approximately CND. $96 million which will be used by CN for general corporate purposes.
All of the over-allotment shares are being sold by the ...