(MENAFN- ProactiveInvestors) Canadian National Railway Co. (TSE:CNR) the country's largest railroad and the Teamsters Canada Rail Conference union have renewed their collective agreement.

The agreement was reached with assistance from the Labour Program's Federal Mediation and Conciliation Service (FMCS). The FMCS provides dispute resolution and dispute prevention assistance to trade unions and employers under the jurisdiction of the Canada Labour Code.

Minister of Labour and Minister of Status of Women Kellie Leitch congratulated both sides according to a statement late yesterday.

"I applaud CN and the Teamsters Canada Rail Conference on reaching an agreement that will benefit both parties” she was quoted as saying. “Reliable transportation of goods to markets across Canada and throughout North America is critical which makes collaborative labour relations key to the success of our economy."

In a separate statement late yesterday CN Railway said it intends to purchase for cancellation up to 1.2 million of its common shares under a private agreement between CN and an arm's-length third-party seller.

The purchase will form part of CN's buyback program for up to 28 million shares announced on October 21 2014 the Montreal Quebec-based company said.

Such purchase will take place before March 31.

CN's purchases under such private agreements will not exceed one-third of the maximum number of shares that it may purchase under its share repurchase program the company said.

Shares were down 0.4 percent at C$85.02 at 10:17 a.m. in Toronto paring gains in the past year to 36.4 percent.