German automaker Daimler AG said it will buy back as much as 10 percent of its stock, or 96.4 million shares, for up to $9.3 billion, to boost its share price. Daimler, the world’s No. 2 maker of luxury cars, has seen its share price fall 31 percent this year. Its stock rose almost 5 percent on the news of the buyback. “That is finally what the market was looking for,” said analyst Georg Stuerzer at Unicredit. (Bloomberg)
The Bottom Line
June 17, 2008
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