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Caterpillar Buys Back $1 Billion in Shares
Caterpillar Incorporated says it's buying back around $1 billion of its shares from a French bank.
The planned buyback includes 11 million shares being purchased immediately.
Based on Caterpillar's stock price today of around $83 a share, they buyback will cost the company about $913 million.
The Peoria-based company said the final number of shares will depend on its average stock price between now and September.
Last week, Caterpillar reported its second quarter net income slid 43 percent. The company blames a slump in the global mining industry that hurt equipment sales and forced hundreds of layoffs at its Decatur plant.