May 8, 2014 / 6:15 AM / 3 years ago

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

TOKYO, May 8 (Reuters) - Canon Inc 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 index. ($1 = 101.7150 Japanese Yen) (Reporting by Sophie Knight; Editing by Stephen Coates)

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