By Adriano Marchese
BCE plans to launch a share repurchase program to buy back up to 10% of its issued and outstanding common stock over the course of the next year.
The Canadian telecom company said Thursday the Toronto Stock Exchange has accepted its plans to begin a normal course issuer bid to buy back shares, and that it can begin to buy back the shares starting on Nov. 11
The stock has been under pressure in the year, falling 23% since the beginning of the year to 40.06 Canadian dollars ($28.78). Most recently, shares took a dive after it said that it had struck a roughly C$5 billion deal to buy regional broadband provider Ziply Fiber in the U.S. but that it would have to pause dividend increases to help revive its balance sheet.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 07, 2024 07:49 ET (12:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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