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General Growth announces $567 million buyback

CHICAGO (AP) -- General Growth Properties Inc. said Friday that it purchased $567 million worth of common shares, most of them from hedge fund Pershing Square Capital Management L.P.

The mall operator bought a total of 28.3 million shares. The company said that 25 million of the shares were bought from Pershing on Sept. 12.

The average price of the shares were $20, General Growth Properties said.

The repurchase cut the amount of shares outstanding to about 964 million shares, the company said.

Shares of General Growth Properties rose 27 cents, or 1.3 percent, to $19.63 Friday afternoon.