CANADA: Molson buys back shares
The Canadian brewer Molson is to buy back nearly 3.8m of its Class A and B shares on the Toronto Stock Exchange, about 3% of outstanding shares.
The company said the move was "to counter the dilutive effect of the granting of options'' to employees.
Molson said yesterday it has received TSX approval to repurchase and cancel 3.1 million class A non-voting shares and nearly 675,000 class B shares.
By buying back its shares, Molson also reduces its equity base, spreading profit over fewer shares.
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