Buffett-Backed Mitsui Plans $1.3 Billion Share Repurchases
- Trading house also intends to carry out a 2-for-1 stock split
- Company favors “stable exchange rate,” President Hori says
Warren Buffett-backed Mitsui & Co. said it would repurchase as much as 200 billion yen ($1.3 billion) worth of shares after assets sales helped offset weaker annual profits.
Mitsui plans to buy back as many as 40 million shares between May 2 and Sept. 20, according to a Wednesday statement. The company also announced a 2-for-1 stock split, effective from July, as it aims to lower the cost of its shares to attract smaller investors.