Following last week's announcement of PotashCorp's (NYSE:POT) plans to implement a share repurchase plan of as much as $2 billion, equal to 5% of its outstanding stock, it has received the go-ahead from the Toronto Stock Exchange, PotashCorp announced today.
According to PotashCorp, it will purchase up to 43,345,992 shares at its discretion between Aug. 2, 2013, and Aug. 1, 2014, subject to "a maximum aggregate amount of $2 billion." PotashCorp intends to cancel all the shares it purchases as part of the program.
The shares repurchased throughout the year may be made in either the Canadian or U.S. exchanges or alternative trading platforms. The total amount and exact timing of the stock repurchases will be determined by PotashCorp, the company said.
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