Caterpillar To Buy Back $1B Shares - News and Weather For The Quad Cities -

Caterpillar To Buy Back $1B Shares

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PEORIA, Ill. (AP) - Caterpillar Inc. says it's buying back $1 billion of its shares from French bank Societe Generale at market prices.

The planned buyback includes 11 million shares right away. Based on Monday's stock price of around $83 per share, those shares would be worth $913 million.

The Peoria company says the final number of shares will depend on its average stock price between now and September.

The buyback is in addition to a $1 billion repurchase announced in April and finished in June.

Last week, Caterpillar reported its second-quarter net income slid 43% as a slump in the global mining industry hurt equipment sales.