Enbridge Gets TSX Green Light for C$1.5 Billion Share Buyback Program

By Adriano Marchese

Enbridge Inc. said Wednesday that it plans to buy back up to 1.5 billion Canadian dollars ($1.1 billion) worth of its issued and outstanding stock over the course of a one-year period.

The Canadian pipeline and energy company said the Toronto Stock Exchange has approved the renewal of its normal course issuer bid to buy back up to 27.9 million shares, representing about 1.38% of its public float.

On Tuesday, Enbridge shares closed at C$53.33, having gained 7.7% over the past 12 months.

The buyback period is expected to begin on Jan. 6.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

01-04-23 0730ET