Published:
Noble's massive buyback scheme costlier than almost all recent acquisitions
It has spent $131m on buybacks.
Noble Group has recently spent more on its own shares than it has on all but one of its investments in four years, according to a report by Bloomberg.
Asia’s largest commodity trader has bought back its own stock at least 11 times since last month and built up a 2.8 percent stake from zero.
Noble used S$131 million (US$96 million) on the purchases, which company spokesman Stephen Brown said is a good way to use excess cash. The only time Noble spent more than that on an asset since 2011 was when it paid $140 million for a Jamaican alumina plant in 2014, according to data compiled by Bloomberg.
Read the full report here.
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