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January 19, 1994|From Times Staff and Wire Reports

McDonald's to Buy Back $1 Billion in Stock: The world's largest restaurant chain said it plans to buy back the common stock during the next three years, primarily using excess cash flow. "We believe that common share repurchase is an excellent means of improving returns for common shareholders and have repurchased $2.2 billion of our common stock over the past 10 years," said Jack M. Greenberg, vice chairman and chief financial officer. The announcement comes at a time when shares of McDonald's Corp. have been hovering near their record of $59.125, set Dec. 1. McDonald's stock rose 62.5 cents Tuesday to $57.50 on the NYSE.

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