Alcoa Board Authorizes Stock Buyback
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PITTSBURGH (AP) _ Alcoa’s board of directors have authorized the company’s repurchase of 50 million shares of common stock.
The new buyback, announced Friday, replaces a similar action by the board in March 2000 authorizing 40 million shares to be repurchased. The company regained about 32.2 million shares, out of 858 million outstanding, under the earlier plan.
Alcoa spokeswoman Joyce Saltzman said the company routinely buys back shares of outstanding common stock from time to time. The common stock will be used for employee benefit plans and other corporate purposes, she said.
Shares of Alcoa were trading up 83 cents to $41.56 on the New York Stcok Exchange.
A repurchase of all the company’s outstanding $3.75 cumulative preferred shares with a $100 par value was previously authorized by the board. Alcoa has about 558,000 outstanding preferred shares, and has bought back about 102,000 since 1989.
On the Net: http://www.alcoa.com