ConAgra begins $900 million accelerated buyback

By Associated Press
July 1, 2008
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Food maker ConAgra Foods Inc. said Tuesday it will begin an accelerated share repurchase program worth $900 million.

The maker of Healthy Choice, Hunts and other consumer brands will fund the repurchase program with part of the proceeds from its recent sale of its trading and merchandising segment.

The accelerated stock repurchase will be completed under separate agreements with Merrill Lynch and Bank of America.

The company will pay $450 million to each bank for shares of ConAgra stock.
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