British American Tobacco p.l.c. (BTI), a transnational tobacco company, on Tuesday, announced that it has signed an agreement with Merrill Lynch & Co. to buy back its shares between May 1 and June 30.
The Company is authorised to buy back up to 220,451,469 shares.
The company aims to reduce the Company's share capital. The shares repurchased will be cancelled.
On Monday, British American Tobacco stock had closed at $42.39, 0.81% higher on the New York Stock Exchange. In the after market hours, the stock traded 0.61% lesser before ending the trade at $42.13.
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