“BAE Systems Plc (BA/), Europe’s largest arms maker, said it will buy back shares worth as much as 1 billion pounds ($1.5 billion) over three years after demand outside the U.S. and the U.K. helped swell its cash reserves.
BAE gained as much as 6.2 percent, the most since Sept. 12, the day that merger plans were announced with European Aeronautic, Defence & Space Co. BAE said it’s left those plans behind, and the company will embark on its buyback program today, underpinned by net cash of 387 million pounds. Earnings before interest, tax and amortization fell 6.4 percent to 1.89 billion pounds last year, beating analysts’ estimates….”
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