UPDATE 1-Gea scraps share buyback, cuts debt target

Newswire

* Scraps share buyback programme announced Oct. 2 * Confirms 2008 sales, profit margin goals * Shares gain 1.9 percent (Adds CFO comments, share price) FRANKFURT, Oct 31 (Reuters) - German engineering group Gea scrapped its share buyback programme on Friday and cut its gearing target to keep a tighter hold on cash during the global financial crisis. The company had announced the buyback programme as recently as Oct. 2, with a target of buying up to 100 million euros' ($131 million) ...

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