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Caterpillar Inc Announces $1 Billion Accelerated Stock Repurchase Program


Monday, 29 Jul 2013 09:00am EDT 

Caterpillar Inc announced that it has entered into a definitive agreement with Societe Generale to purchase $1 billion of its common stock under an accelerated stock repurchase transaction. In April of 2013, the company announced a similar $1 billion transaction, which was completed in June of 2013. Pursuant to the accelerated stock repurchase agreement, Caterpillar has agreed to repurchase $1 billion of its common stock from Societe Generale, with an immediate delivery of approximately 11 million shares based on current market prices. The final number of shares to be repurchased and the aggregate cost to Caterpillar will be based on Caterpillar's volume-weighted average stock price during the term of the transaction, which is expected to be completed in September of 2013. In February 2007, the Board of Directors authorized the repurchase of $7.5 billion of Caterpillar stock, and in December 2011, the authorization was extended through December 2015. Through the end of the second quarter of 2013, $4.8 billion of the $7.5 billion authorization was spent. 

Company Quote

102.43
-1.91 -1.83%
1:49pm EDT