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Hewlett-Packard Repurchases Shares
Hewlett-Packard Repurchases $1.3 Billion COmmon Shares, Board OKs Added $3 Billion Buyback Program
PALO ALTO, Calif.–Hewlett-Packard Co., a maker of computers, printers and information technology systems for businesses, said Monday that it bought back about $1.3 billion worth of common shares from Merrill Lynch & Co. in an accelerated repurchase program, while its board also approved the repurchase of an added $3 billion in stock.The accelerated buyback program enabled the company to purchase the shares immediately from Merrill, allowing Merrill to buy the shares in the open market over the next several months. Hewlett-Packard expects to buy back about $2.1 billion shares, or 4 percent of its outstanding stock, in the fourth quarter. The company had 3.02 billion available shares as of Sept. 17.
Hewlett-Packard expects the newly approved buyback plan to offset the effect of shares recently issued under employee benefit plans.
* Post was edited: 2004-09-20 11:02:00
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