Aon plc announced that its Board of Directors has authorized a new $5 billion share repurchase program, which is in addition to its existing share repurchase program previously authorized in April 2012. Approximately $1.1 billion of remains from that authorization, and Aon said it “intends to complete this repurchase program before repurchasing shares under the new program.”
President and CEO Greg Case said the new authorization “continues to demonstrate our belief in the underlying strength of the firm, strong free cash flow generation outlook and our continued focus on maximizing total return for shareholders. We have returned a record amount of capital to shareholders through the first nine months of 2014, highlighted by the repurchase of 20.4 million shares, equivalent to 7 percent of actual shares outstanding as of September 30, 2014, for a total of $1.75 billion.”
The bulletin said: “Including the newly authorized increase of $5 billion, up to $6.1 billion of Class A Ordinary Shares may be repurchased from time to time depending on market conditions or other factors through open market or privately negotiated transactions. Repurchases of Class A Ordinary Shares may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.
Source: Aon Plc
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