BMW approves share buy-back

BMW directors have authorised a share buy-back of more than 20m shares, worth $930m at the close of trading yesterday. This amounts to three percent of the stock, which will be cancelled after the purchases have been made. This will give the company more control over its own future. Three investment banks have been appointed to buy up the shares on BMW's behalf. The news has been expected for some time but it is interesting that BMW feels comfortable enough to spend $930m on shares at the same time it is investing heavily in F1.

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