OSAKA -- Matsushita Electric Works Ltd. announced Tuesday that it will buy back 50 million of its shares for cancellation over the next three years.
The buyback, worth some 70 billion yen, would eliminate roughly 7 percent of the firm's total outstanding shares, the company said.
President Kazushige Nishida announced the plan as part of his firm's new three-year management program. It will also play a part in its goal of increasing return on equity to 9 percent from the 5.9 percent recorded in the year to November.