DuPont Accelerates Completion of its Share Repurchase Plan
DuPont will complete the remaining USD 1.1 billion of its USD 5 billion share repurchase plan earlier than expected.
Yesterday DuPont entered into a structured stock repurchase agreement with a large financial institution in which the company made an upfront payment of USD 1.1 billion. The financial institution agreed to deliver a certain number of shares based on the volume-weighted average price, less a specified discount at the end of the contract period. The contract is expected to settle no later than Sept. 28, 2007. The company will finance the purchase with short-term borrowings.
DuPont announced the USD 5 billion stock repurchase plan in October 2005. As of June 30, 2007, the company had repurchased USD 3.9 billion, or approximately 90 million shares. DuPont previously stated it expected to complete the share repurchase plan by the end of 2007.
“This is a prudent and timely action that is consistent with our financial discipline principles and in the best interests of our shareholders,” said DuPont Executive Vice President and Chief Financial Officer Jeff Keefer. “We are confident in our ability to deliver on our growth and productivity programs to increase shareholder value.”
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