Covanta Holding Corp (CVA)

[Ubertino]

Covanta increases stock buyback program by $100 million

2011-10-10

As reported by the U.S.-based Waste Business Journal ( http://www.wastebusinessjournal.com ), Covanta Holding Corp.'s board of directors has authorized an additional $100 million in share repurchases, bringing the total authorized amount to $400 million.

The energy-from-waste company has already bought back more than 13.5 million shares, representing 8.8 per cent of its stock, between the third quarter of 2010 and the second quarter of 2011 at a cost of about $219 million.

"[This] announcement demonstrates our commitment to continue to actively return capital to shareholders in the absence of any immediate investment needs for core growth opportunities," says Sanjiv Khattri, Covanta's executive vice president and CFO. "We believe that our dividend and stock repurchase programs are important aspects of our continued efforts to enhance shareholder value."

http://www.solidwastemag.com/news/covanta-increases-stock-buyback-program-by-100-million/1000618765/