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Coca-Cola Announces New 500 Million-Share Buyback Program

Coca-Cola Co., the world’s largest soft drink maker, authorized a new plan to buy back 500 million shares, valued at about $18.9 billion at yesterday’s closing price, as it returns cash to investors.

The new authorization doesn’t affect the plan to buy back $2.5 billion to $3 billion in stock this year, the Atlanta-based company said today in a statement. Coca-Cola said its current repurchase program was authorized in 2006.