FedEx Corp. (NYSE: FDX) board of directors has authorized a new share repurchase program of up to 25 million shares of FedEx Corp. common stock, the company said.
These shares may be repurchased from time to time in the open market or in privately negotiated transactions.
Repurchases will be made from time to time at the company´s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time.
FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of USD49 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand.