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Canadian National Railway Co. said Monday it will buy back up to 3 million shares through private deals with a third-party seller.

The deal will be part of a 15 million-share repurchase program announced in January, the freight railroad said.

Canadian National said it will negotiate the price with the seller but will not buy back the stock above market price. The purchases will be completed by the end of the June, the company said.

The buyback would account for less than 1 percent of the company's 470 million outstanding shares, according to a recent regulatory filing.

U.S.-listed shares of Canadian National fell 31 cents to close at $58.81 on Monday.

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