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Inergy approves up to $100M for share buybacks

KANSAS CITY, Mo. (AP) -- Inergy LP said Monday that it authorized buying back up to $100 million worth of its shares through next March.

The company, which sells propane and operates a natural gas storage business, said it didn't set price targets for the shares. It can change or suspend the share-buying plan at any time.

Inergy has a stock market value of about $2.6 billion.

The company said the share-repurchasing decision showed management's confidence in the company and its future value.

Shares of Inergy rose 77 cents, or 3.9 percent, to $20.48 in morning trading.