Potash Corp announces $2 billion share repurchase

Saskatchewan's Potash Corp (NYSE:POT)- the world's largest crop nutrient company – announced on Wednesday that it would buy up $2 billion of its own stock, totaling 5% of its outstanding common shares.

The re-acquisition will be made over a one year period and repurchased shares will be eliminated.

The announcement comes several months after PotashCorp decided to increase its quarterly cash dividend by 25% – totaling 35 cents per share. 

These moves are the result of increased cash flow as the company completes a 10-year mine expansion program.

Potash Corp shares were up to $38.50 on the New York exchange at noon time on Wednesday.

Creative Commons image by: Tony Hisgett