US: Coca-Cola Co readies share buyback
Coca-Cola has announced a new share buy back scheme
The Coca-Cola Co has given the green light to a new plan to buy back 500m shares, which it says "reflects the board's confidence in the company's future performance".
The newly-authorised plan, announced yesterday (18 October), will take effect when the company's current buy-back programme concludes. This intial programme began in 2006.
The Atlanta-headquartered group said the new scheme will not affect its previously-announced target to purchase US$2.5bn to $3bn in stock this year.
“Our new share repurchase programme reflects the board’s continued confidence in the company’s future performance and our long-term cash flow generation,” the company said in a statement.
Separately, the group's board of directors yesterday declared a regular quarterly dividend of $0.255 per common share, payable to shareholders on 17 December.
Earlier this week, the Coca-Cola announced a slight rise in profits and sales for the nine months to the end of September.
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