Fresenius (NYSE:FMS) said last week that its board authorized a stock buyback worth up to €660 million, or just more than 3% of its total shares.
The one-year authorization to repurchase up to 12 million shares is worth about $748 million; on the day of any trades the Bad Homburg, Germany-based renal care giant can’t miss that day’s share price by more than 10% over or under, the company said June 14.
Last month, Standard & Poor’s upgraded its rating on Fresenius to BBB with a stable outlook, up from from BBB- with a positive outlook previously, after the company beat expectations on Wall Street with its first quarter earnings release.
Earlier this year Fresenius closed the $2 billion buyout of home hemodialysis device maker NxStage Medical.
($1 = €0.882858)