BP buys back shares for up to $ 500 million – BP shares rise

BP starts a share buyback program. By February 7, the oil multinational says it plans to acquire its own shares on the stock exchange for up to US $ 500 million.

The outstanding share capital should be reduced with the program in order to compensate for the dilution effects from employee share programs, it was said to justify. The BP share rose 0.7 percent in early trading.

By Joe Hoppe

LONDON (Dow Jones)

Image Source: M DOGAN /, Jonathan Weiss /, Gil C /

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