Rio Tinto to Start Additional $2.5 Billion Share Buyback
September 21 2017 - 12:03PM
Dow Jones News
By Dimitrios Kontos
Rio Tinto Ltd. (RIO.AU) said Thursday it plans to start an
additional share buyback program worth $2.5 billion, returning to
its shareholders the proceeds from the sale of Coal &
Allied.
The U.K.-Australian mining company said it will allocate $1.9
billion for on-market purchases of existing Rio Tinto ordinary
shares of 10 pence each, and initiate an off-market tender of
approximately $560 million of shares.
The company had previously executed share buyback programs in
February and August, with today's announcement bringing the total
for 2017 to $4 billion.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
September 21, 2017 12:48 ET (16:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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