FirstEnergy plans to buy back more stock |
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Wed, 31 Jan 2007 23:59
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AKRON, Ohio (AFX) - FirstEnergy Corp., which provides electric utility service to customers in Ohio, Pennsylvania and New Jersey, said Wednesday it authorized the repurchase of up to 16 million of its common shares.The buyback program comes on the heels of FirstEnergy repurchasing 10.5 million shares under a separate plan in August.The combined programs could result in the repurchase of up to 8 percent of the company's 330 million outstanding shares, FirstEnergy said.The company said it recently contributed $300 million to its pension plan. Since September 2004, FirstEnergy has contributed $1.3 billion to the plan.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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