PURCHASE, N.Y ( TheStreet) -- PepsiCo's ( PEP) board approved an annual dividend increase of 7% and the repurchase of up to $15 billion of common stock through June 2013.

The annual dividend will be raised to $1.92 a shaere from $1.80, its 38th consecutive increase. PepsiCo said its moves reflect continued confidence in the growth of its business.

PepsiCo made a $600 million voluntary pension contribution earlier this year and anticipates repurchasing about $4.4 billion of common stock in 2010.

-- Reported by Andrea Tse in New York

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