(The Associated Press circulated the following on May 1.)
NEW YORK — Union Pacific Corp. said Thursday its board has approved the repurchase of an additional 20 million shares by March 31, 2011.
Following a two-for-one stock split at the end of May, the repurchase amount will increase to 40 million shares.
This is in addition to the 20 million share buyback program authorized in January 2007. Since then, the railroad has repurchased 16 million shares.
When completed, the two buyback programs will have reduced total shares outstanding by 15 percent from the start of the first program, the company said.
Union Pacific had about 258.4 million shares outstanding as of April 18.
Shares jumped $2.40 to $147.59 in afternoon trading. Shares hit a new all-time high of $147.95 earlier in the session.