PepsiCo Board Approves $4 Billion Stock Buyback
PepsiCo's
(PEP) - Get PepsiCo Inc. Report
board authorized a $4 billion share repurchase program for the next three years.
The new program will go into effect after the company completes the current $3 billion program, which was authorized in March 1999 and is expected to be completed by early 2001.
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Since the beginning of 1996, PepsiCo has invested about $9 billion in share repurchases, including $1.3 billion so far this year.
Shares of PepsiCo were recently trading up $1.31, or 2.9%, to $46.31 on the
New York Stock Exchange
. The company has about 1.44 billion shares outstanding.
