Yum Authorizes $4.2 Billion Stock Buyback Through Year's End
May 20 2016 - 3:23PM
Dow Jones News
By Maria Armental
Yum Brands Inc. authorized buying back up to $4.2 billion of its
stock by year's end as part of its pledge of returning $6.2 billion
to shareholders ahead of the planned separation of its China
business.
On Wednesday, Yum said it would offer $4.6 billion in new debt
to shore up its finances ahead of the separation.
The China business, once at the center of Yum's growth plans but
whose results had faltered amid food-safety scares and stiffer
competition, has rebounded over the past year, posting three
consecutive quarterly increases in sales at stores open for at
least a year, a key industry metric.
The Louisville, Ky., company said Friday it had bought back 27.6
million shares, or about $2 billion of stock, from October through
May 19. The company has a market value of roughly $32.6 billion,
according to FactSet.
Shares, down 15% over the past 12 months, were up slightly in
afternoon trading at $80.21.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 20, 2016 15:08 ET (19:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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