Swiss chocolate and snacks giant Nestle S.A. said Tuesday it will buy back up to 20 billion Swiss francs--the equivalent of about $20.78 billion--worth of its common stock starting July 4, 2017 through the end of June 2020. The buyback announcement follows the initiation of a review of the company's capital structure and priorities to support its "value creation model," which includes the recent announcement that it was exploring alternatives for its U.S. confectionery business. The company said if any "sizeable" acquisitions are made, the buyback program will be changed accordingly. The stock's U.S.-listed shares were up 1% in midday trade, while the Swiss-based shares closed down 1.6%. Nestle's U.S.-listed shares have run up 24% year to date, while the S&P 500 has gained 8.9%.
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