Canon says to buy back up to 50 billion yen of own shares

TOKYO Thu May 8, 2014 2:17am EDT

A logo of Canon Inc is pictured at the company's showroom in Tokyo October 24, 2013. REUTERS/Yuya Shino

A logo of Canon Inc is pictured at the company's showroom in Tokyo October 24, 2013.

Credit: Reuters/Yuya Shino

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TOKYO (Reuters) - Canon Inc (7751.T) said on Thursday it would buy back up to 1.5 percent of its outstanding shares for a maximum of 50 billion yen ($492 million) to improve capital efficiency.

The world's largest camera maker said it would buy back up to 17 million shares between May 9 and July 29 to ensure a "flexible capital strategy that provides for future transactions such as share exchanges".

Canon's shares closed up 0.9 percent at 3,192 yen on Thursday, against a 0.9 percent rise in the benchmark Nikkei .N225 index. ($1 = 101.7150 Japanese Yen)

(Reporting by Sophie Knight; Editing by Stephen Coates)

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