American Express Board Authorizes Additional Repurchase of Up To 40 Million Shares, Declares Regular Quarterly Dividend
biz.yahoo.com
NEW YORK, Sept. 28 /PRNewswire/ -- The Board of Directors of American Express Company today approved the repurchase of up to 40 million additional common shares over the next two to three years, from time to time as market conditions allow. This represents approximately nine percent of the 456.8 million common shares outstanding at June 30,1998
This authorization is a continuation of the Company's ongoing share repurchase program, which began in Sept. 1994. Prior to today's announcement, the Board had authorized repurchases totaling 100 million shares in three separate tranches. As of June 30, 1998, the Company had repurchased a total of 89.5 million shares under the program.
The Company's share repurchase program is designed both to offset share issuances under employee compensation plans and to increase economic value for shareholders. The Company believes that utilizing excess capital to repurchase shares in the open market represents an effective means of building shareholder value.
Separately, the Board of Directors declared a regular quarterly dividend of $0.225 per common share, payable Nov. 10, 1998, to shareholders of record on Oct. 9, 1998.
American Express Company (www.americanexpress.com) is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.
SOURCE: American Express Company |
