Merck (NYSE: MRK) Declares Quarterly Dividend, to Buy Back $3B in Stock

Windsor, Alberta 11/25/2009 04:25 PM GMT (TransWorldNews)

Drugmaker Merck & Co. (NYSE: MRK) declared a quarterly dividend of 38 cents on Tuesday, and said it plans to buy back as much as $3 billion in stock, according to Associated Press.

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The dividend is payable Jan. 8, 2010, to shareholders of record Dec. 15. Merck also declared a preferred stock dividend of $3.75, payable Feb. 15 to shareholders of record on Feb. 1.

The company said its board approved the share buyback plan. It will purchase the stock on the open market or in privately negotiated transactions. It did not specify the length of the repurchase plan. Merck had 2.11 billion shares on the market as of Sept. 30.

Merck shares fell 20 cents to close at $36.16.

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