TOKYO 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)