Siemens to buy back shares worth $3.6 billion
BERLIN (AP) — German engineering company Siemens says it is starting a shares repurchasing program worth up to €3 billion ($3.6 billion).
Munich-based Siemens AG says the program will run through the end of the year and will be financed by issuing new long-term debt.
Publicly listed companies often buy back their own shares to push the share price higher by increasing demand while diminishing the offer.
Siemens said in a statement late Thursday that the program was authorized by its shareholder meeting in January.
Siemens builds trains, power plants, wind turbines, light bulbs and other items. The company's revenue in its financial year 2011 totaled €73.5 billion.