Cereal giant Kellogg has announced plans to buy back up to US$650m of shares in 2010.
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The company’s board has approved the roll-over into 2010 of any portion of the 2009 $650m share repurchase authorisation that remains unused by the end of the 2009 fiscal year.
“We recognise the importance of returning cash flow to shareowners and are pleased to continue our consistent history of share repurchases and dividends despite the challenging economic environment,” said David Mackay, Kellogg’s CEO.
Kellogg also declared a dividend of US$0.375 per share on the common stock of the company, payable on 15 December.
The payment will be made to share-owners of record at the close of business on 2 December.
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By GlobalData
