The world’s largest wine company, Constellation Brands, has finished buying back US$300m of its own shares.

Constellation said today (1 December) that it completed the buyback yesterday. “We currently estimate this transaction will generate about $0.09 of diluted earnings per share accretion for fiscal 2011,” said the Robert Mondavi wine producer’s CFO, Bob Ryder.

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“Our strong free cash flow generation has enabled the company to repay debt, fund the stock buyback transaction and targets us to reduce our leverage ratio by year end,” he added. Constellation’s net profits leapt by 32% to $140.4m for the six months to the end of August.

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