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 percent as a slump in the global mining industry hurt equipment sales.