Honda to cancel 35 mln shares, buy back 7.5 mln


TOKYO, July 28 (Reuters) - Honda Motor Co. Ltd. said on Wednesday it would on August 23 retire 35 million shares, or 3.59 percent of its ordinary shares outstanding. Honda, Japan's third-biggest auto maker, will also buy back up to 7.5 million shares, or 0.77 percent of those outstanding, between August 3 and October 15, totalling up to 30 billion yen ($270.5 million). Companies with ample cash often buy back their own shares and redeem their securities to shore up shareholders' equity. ...

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