Marsh to Speed $500 Million Share Buyback
Marsh & McLennan Companies Inc. [ticker: MMC] announced on May 11 that, together with an undisclosed financial institution, it would accelerate its repurchase of $500 million worth of stock. Last week Marsh’s board authorized the share-buyback plan, to be completed by June 30.New York-based Marsh has 555 million shares outstanding. The stock closed at $30.86 on May 11. At that price, the company could snap up 16.2 million shares for $500 million.Marsh & McLennan has a market capitalization of $17 billion.
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