IBM board approves $5 bln stock repurchase

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27 October 2009 @ 11:15 am ET

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NEW YORK - IBM said its board approved an additional $5.0 billion in share repurchases, bringing the company's total stock buyback program to $9.2 billion in a reflection of the company's strong cash flow.

Employees follows a speech at the booth of IBM at CeBIT computer fair in Hanover March 3, 2009. (Reuters Photo / Hannibal Hanschke)

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International Business Machines Corp said it plans to occasionally repurchase shares on the open market or in private transactions. The buyback would add to around $4.2 billion remaining at the end of September from a previously approved plan.

IBM shares rose $1.63, or 1.4 percent, to $121.74.

(Reporting by Ritsuko Ando, editing by Gerald E. McCormick)

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