Crown Holdings will buy shares from Merrill Lynch

Crown buying back shares from Merrill Lynch, starting with repurchase of 5.1M shares for $200M

Associated Press

PHILADELPHIA (AP) -- Crown Holdings Inc., which makes cans and other packaging, said Tuesday it agreed to buy back company shares from Merrill Lynch.

Crown said it has already repurchased 5.1 million shares for $200 million. The full amount of shares Crown is buying will be based on the closing prices of Crown stock from August until November, when the transaction is expected to be complete.

Shares of Crown Holdings gained 10 cents to $36.70 in morning trading.

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