Constellation to buy back $421.1M shares |
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Mon, 07 May 2007 13:10
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FAIRPORT, N.Y. (AP) - Constellation Brands Inc., the world's largest wine maker, said Monday it entered into an accelerated share repurchase program with Citibank N.A., to repurchase up to 16.9 million shares for $421.1 million.The repurchase will take place on May 8 and complete a previously announced $500 million buyback program. Constellation said it repurchased 3.5 million shares since March 1 for $78.9 million, or $22.55 per share.Constellation will use and existing credit facility to fund the repurchase. Citibank will in turn seek to repurchase Constellation shares on the open market between now and October.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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