The board of directors of appliance retailer Sears has authorized U.S. $3.0 billion for repurchase of the company’s common shares. This authorization, along with the retailer’s existing share repurchase program, enables Sears to return a portion of the proceeds from the sale of its credit and financial products business to its shareholders, said the company.
The expiration date for the $3.0 billion share repurchase program is Dec. 31, 2006.
The shares will be purchased in the open market, through self-tender offers or privately negotiated transactions.
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