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Home Industry News Baxter International board backs stock repurchase

Baxter International board backs stock repurchase

19th March 2008

The board of directors at Baxter International has given its backing for the repurchase of an additional $2 billion (999.4 million pounds) worth of its common stock, the company has confirmed.

The repurchase will be executed following the completion of Baxter’s existing share repurchase authorisation, which began in March 2007 and has less than $700 million remaining.

Baxter said its shares will be bought on the open market and the company’s management will decide when to make purchases based on its evaluation of the prevailing market conditions.

Robert M Davis, Baxter’s chief financial officer, said the company hoped that the move would return “significant value” to its shareholders, while accelerating research and development.

In 2007, the company issued over $2.5 billion to its shareholders through share repurchases and dividend payouts. During the year, Baxter repurchased 34 million shares of common stock for around $1.9 billion and issued dividends worth a total of $704 million.

Baxter is an international healthcare company that has been established for over 75 years. It employs approximately 46,500 people and in 2007 recorded sales of $11.3 billion.

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