US: Constellation Brands to buy back $300m shares
Constellation Brands has said it will buy back US$300m-worth of shares.
The Robert Mondavi and Hardys wine producer announced the share repurchase in its full-year results today (9 April).
Constellation's board has approved the move, but the group has not laid out a timetable.
"It is the company’s intent to implement an accelerated stock buyback transaction when appropriate," said the firm.
Bob Ryder, Constellation's CFO, said the the repurchase will not affect company efforts to cut debt.
"Due to our continued strong cash flow generation and successful deleveraging and refinancing efforts, we believe we can redeploy a portion of free cash flow to repurchase stock while we continue to reduce debt," he said.
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