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Tenet, Cigna Join Stock Buyback Wave

July 25, 2002|Bloomberg News

Tenet Healthcare Corp. and Cigna Corp. on Wednesday became the latest companies to announce stock buybacks.

Tenet, based in Santa Barbara, said it would repurchase as many as 20 million shares of its common stock. That would cost $885 million based on Wednesday's closing price of $44.25, up $2.59, on the NYSE. Tenet has bought about 19 million shares of its stock under two previously announced buyback plans that authorized the repurchase of 30 million shares.

After the market closed, insurer Cigna said it planned to buy back as much as $500 million of its stock. Cigna's shares closed at $81.90, up $4.46, also on the NYSE.

Companies including Merck & Co., Procter & Gamble Co., PepsiCo Inc. and Clorox Co. have announced buybacks in recent days as their stocks slid along with the overall market.

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