AT&T gets go-ahead for $11 billion share buyback

The board of AT&T, the largest US telecoms group by revenue, authorized the repurchase of up to 300 million additional shares, representing about 5 percent of the company’s outstanding stock. Based on the closing price on July 27, the shares would be worth $11.1 billion. Randall Stephenson, chief executive, said by gaining approval from the board, AT&T would be able “to continue returning cash to our shareholders through dividends and buybacks while maintaining a strong balance sheet and investing in the future of our business.”