By Robb M. Stewart
Canadian grocery giant Loblaw is launching a buyback program for up to the equivalent of 5% of its issued and outstanding shares.
Loblaw said Wednesday the Toronto Stock Exchange accepted its notice of a planned normal course issuer bid, under which it can buy as many as 58.1 million of its shares over a 12-month period starting Friday.
Purchases will be made in open market transactions on the TSX or through alternative trading system, and the company said it may enter forward purchase or swap contracts for its shares.
Loblaw's shares last closed at C$63.16, up 1.8% so far this year and 11% higher over the past 12 months.
Under a previous normal course issuer bid that expired Tuesday, the company bought about 36.9 million of the 59.8 million shares it was approved to purchase.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
05-06-26 0719ET
