Avon To Buy Back More Stock
Avon Products, Inc. reported that the board expanded its $1 billion, five-year share repurchase program by $500 million. The company approved its $1 billion program in February, and has about $80 million remaining from an earlier buyback program that dates back to 2000 and runs through the third quarter. With the $500 million addition, the company said it will be authorized to buy back about 10% of its $15.6 billion market capitalization. Avon has about 472 million shares outstanding.
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