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BP begins share buybacks as years of austerity pay off


(Reuters) - BP Plc said on Wednesday it would begin a share buyback programme, making it the first major European energy company to resume buybacks since the 2014 price slump in a sign years of austerity have paid off.The British oil company, which recently reported a doubling in third-quarter profit, said the buyback programme had been authorised for between Nov. 15 and the date of its 2018 annual general meeting, with the maximum number of shares not exceeding 1.96 billion.BP first announced the buyback on Oct. 31, as it gradually shakes off the impact of the deadly 2010 Deepwater Horizon ...

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First Published: Wed, November 15 2017. 16:31 IST