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Caterpillar repurchase USD 1 billion of common stock from SG
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Wednesday, 31 Jul 2013
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Caterpillar Inc. announced that it has entered into a definitive agreement with Societe Generale to purchase USD 1 billion of its common stock under an accelerated stock repurchase transaction.

As per the accelerated stock repurchase agreement, Caterpillar has agreed to repurchase USD 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 April of 2013, the company announced a similar USD 1 billion transaction, which was completed in June of 2013.

The company said that in February 2007, the Board of Directors authorized the repurchase of USD 7.5 billion of Caterpillar stock, and in December 2011, the authorization was extended through December 2015. Through the end of the Q2 of 2013, USD 4.8 billion of the USD 7.5 billion authorization was spent.

Source - RTT News

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