PepsiCo to buy back up to $15 billion in shares

PepsiCo said Monday that it will buy back up to $15 billion worth of its own common stock through June 2013.

Shares rose nearly 2 percent in premarket trading.

"The board's action reflects continued confidence in the growth of our business and our commitment to providing strong cash returns to our shareholders," Chairman and CEO Indra Nooyi said in a statement.

The world's second-biggest soft drink seller — whose brands include Gatorade, Quaker and Pepsi-Cola — had said before that it was buying about $4.4 billion worth of its shares this year. Some of the buybacks will be made under a prior repurchase authorization from 2007, which had $6.4 billion remaining at the start of the year and expires in June.

Read Full Article from The Associated Press

- Posted: 2010-03-15 10:48:56

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