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Toyota plans to buy back US$3.5 billion of its shares

TOKYO--Toyota is to buy back as much as 1.89 percent of its shares for 360 billion yen (US$3.5 billion), raiding a growing corporate cash chest for the first time in five years, the Japanese carmaker said Wednesday.

The world's largest automaker said it will purchase up to 60 million shares over a 10-month period following the next shareholders' meeting in June.

It will cancel half of them, to avoid sparking fears of dilution in future share sales, the company said in a statement.

 

 

 

 

 

 

 

 

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