Manufacturing Industry
P&G in $24bn share buy back.(FINANCIAL NEWS)
Cosmetics International, August, 2005
Procter & Gamble (P&G) will borrow $24bn to buy back existing shares--as well as buy back Gillette stock in what is the biggest corporate share buy-back for five years. The news isn't unexpected as P&G had declared its intention to buy back shares in January when it agreed to buy the Boston razor giant.
Companies committing to huge buy backs can risk their credit worthiness being holed by investment analysts. However Standard & Poor Investors Service have maintained their fourth highest investment grade on the stock--for the moment. P&G hopes to close its deal with Gillette this autumn.
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