Yara eyes buy-back of up to 5 percent of stock

Oslo-Yara International ASA’s board of directors proposes that the company’s existing stock buy-back program be replaced with a new one authorizing the board to purchase up to 5 percent of Yara’s shares within the next 12 months. Shares may be purchased within a price range of NOK 10 to NOK 1,000. The shares may be used for either cancellation or as payment in business transactions. The company will enter into a new agreement with the Norwegian State to the effect that the State’s shares will be redeemed on a pro-rata basis so that the State’s ownership is unchanged in the event of a cancellation of the shares bought back.