Mondelez Raises Share Buyback Authorization To $6 Bln.; Lifts Dividend

(RTTNews) - Snack foods maker Mondelez International Inc. (MDLZ) said Wednesday its Board has approved a marked increase in its current share repurchase program, authorizing it to buyback up to $6 billion of its Class A common stock through 2016, up from $1.2 billion under the prior authorization. On an annual basis, the company expects to purchase $1 billion to $2 billion.

Additionally, the Board also declared an 8 percent increase in regular quarterly dividend to $0.14 per common share of Class A stock. The dividend is payable on October 15 to stockholders of record as of September 30. The dividend increase is the company's first in about five years.