Mitsubishi Plan for Biggest Buyback in 7 Years Boosts Shares
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Mitsubishi Corp. said it’ll buy back as much as 60 billion yen ($589 million) of its stock, the most in seven years, joining Mitsui & Co. in increasing returns to investors. The shares rose.
Japan’s biggest trader will buy back as many as 40 million shares, or about 2.4 percent of its stock outstanding, from tomorrow, according to a statement today. The purchase, which ends July 31, comes on top of a record dividend last fiscal year and the company’s expectations of higher returns this year.