Newswire

Honda says to buy back up to Y15 bln of its shares

TOKYO, July 29 (Reuters) - Honda Motor Co , Japan's second-largest automaker, said on Monday it would buy back up to three million of its own shares, or up to 15 billion yen ($126.3 million) worth, between August 7 and October 25.

The buyback announcement followed a resolution at its annual shareholders' meeting last month allowing it to buy back up to 20 million of its own shares or up to 100 billion yen worth.

Many other top Japanese companies have rushed to do the same to boost management flexibility by holding all or part of the re-purchased shares as treasury stock or to cancel them to boost per-share value.