Duke Energy in agreement to buy back US$1.5 billion of shares

Duke Energy Corp. agreed to repurchase US$1.5 billion of its common stock under an accelerated stock-repurchase program.

Shares rose about 1% in premarket trading.

The Charlotte, N.C.-based utilities company DUK, -0.75%   will make a payment of US$750 million each to Goldman Sachs & Co. GS, +0.18% and JPMorgan Chase Bank JPM, +0.63%   in exchange for an initial delivery of 8.3 million shares from each of the banks. In total, this is about 85% of the total number of Duke shares to be repurchased under the program.

The final number is dependent on the stock price, less a discount and subject to adjustments. The final settlement of each transaction is expected to close by the end of the third quarter. – MarketWatch.

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