UST Inc says board oks repurchase of stock
UST Inc, the nation's largest seller of smokeless tobacco, said Monday it would repurchase up to 20 million common shares to help compensation and benefit plans, among others.
The program will replace the one authorized in November 1996, which was expected to be completed Monday.
Since December 1998, the company, which produces such brands as Copenhagen and Skoal, has repurchased 17.6 million shares at a cost of about $541 million.
The company said, as previously announced, it intends to borrow $1 billion over five years to accelerate its common stock repurchase program.
Shares were up 1/8 at 28-3/4 on Monday.