Ashland Oil’s board OKd a stock buy-back plan.
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The plan calls for Ashland to repurchase more than 10 million common shares, apparently as part of a strategy to thwart future takeover attempts. The board also authorized the creation of an employee stock ownership plan containing up to 5.3 million shares, or 18% of Ashland’s current outstanding stock. Under a buy-back plan, Ashland said it was paying $134.1 million, or $51 a share, to the Belzberg family of Canada for the 2.6 million shares that they held.
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