Deerfield, Ill.-CF Industries Holdings, Inc. said Oct. 27 that its board of directors has approved the repurchase of up to $500 million of the company’s common stock. “Our strong balance sheet is a result of our excellent financial performance over the last several years and our disciplined approach to deploying capital,” said Steve Wilson, CF chairman and CEO. “While we continue to make progress on a number of long-term growth initiatives, investing up to $500 million in CF Industries’ common stock reinforces our commitment to careful stewardship of our shareholders’ capital. The underlying fundamentals of our business today suggest that the company’s investment in its common stock should provide an attractive rate of return for our continuing shareholders, compared to some other near-term investing opportunities the company is considering.” In other news, CF’s board has declared a $.10 per share dividend on its common shares for the fourth quarter. The dividend will be payable on Dec. 1, 2008 to stockholders of record as of Nov. 14, 2008.
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