DuPont Sets $2 Billion Stock Buyback, Mum On Funding
DuPont said its board of directors has authorized a $2 billion stock repurchase plan to offset dilution from executive compensation.
The company, which is trying to buy Danish food additives maker Danisco, said the new program will commence once an existing $500 million repurchase plan is exhausted. DuPont is not commenting on how it will fund the repurchase program, a spokesman said.
The company had $3.8 billion in cash on its balance sheet as of March 31.
DuPont's outstanding shares totaled 940.9 million at the end of the first quarter, up 3% from a year earlier.
The company was holding its annual meeting at its Wilmington, Del., headquarters on Wednesday. DuPont does not broadcast its annual meeting on the Internet.
Also on Wednesday, DuPont announced a quarterly dividend of 41 cents payable on June 10 to shareholders of record by May 13. The stock has traded between $33.66 and $56.52 in the past 52 weeks.
