Share buybacks: everyone wants a piece
Yet more companies have announced plans to launch share buy-back plans in a bid to return value to shareholders.
POSCO, South Korea's largest steel producer, has become the latest corporate to announce plans to repurchase shares worth W31 billion (US$322 million) to help boost its share price. The company will buy back 1.74 million shares, or 2 percent of outstanding stock.
Rio Tinto, one of the world's largest mining groups, looks set to return up to $1.5 billion to shareholders amidst speculation it is considering a takeover of Australian miner WMC Resources. Rio Tinto has announced 2004 net profit of $2.81 billion ($A3.62 billion), and said demand for its products remained strong.
Globe Telecom has also announced that SingTel, its major shareholder, will participate in the Philippine carrier's offer to buy back up to 6.67% of its outstanding common shares at 950 pesos per share. Ayala Corp, which holds 35% of Globe, has also expressed its intention to participate in the tender offer.