Wednesday, November 17, 2010

BHP (NYSE:BHP), Potash (NYSE:POT) Both Buying Back Shares after Failed Bid

Not long after BHP Billiton (NYSE:BHP) announced they were going to initiate a buyback of shares in the company, Potash Corp. (NYSE:POT) said they're going to do the same.

BHP announced they are going to buy back $4.2 billion in shares, while Potash said they' going to buy $2 billion in company shares.

Depending on the share price, the number of shares Potash could by back up as high as 14.57 million, equal to about 4.9 percent of outstanding shares.

Although Potash could take as long as a year to buy the hares, they're hoping to complete the buyback by December 31, 2010, assuming favorable market conditions.

Potash Corp. closed Tuesday at $134.63, down by $2.64, or 1.92 percent. BHP ended the session at $85.04, falling $2.65, or 3.02 percent.

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