Alaska Airlines (AS, Seattle Tacoma International) parent, the Alaska Air Group, is set to proceed with an additional USD1 billion share buyback scheme following approval from the board of directors. The buy-back, Alaska's ninth since 2007, will begin once an existing USD650 million repurchase scheme is completed.
"This is the largest repurchase program in the airline's history, representing 10 percent of the stock market capitalization of the company," the firm said in a statement.
Alaskan has spent over USD1.1 billion buying back more than 53 million shares of its stock, or about one third of the total shares outstanding at that time.
Other airlines to have announced similar initiatives include American Airlines (AA, Dallas/Fort Worth) (USD2 billion), United Airlines (UA, Chicago O'Hare) (USD3 billion), Delta Air Lines (DL, Atlanta Hartsfield Jackson) (USD5 billion), and Southwest Airlines (WN, Dallas Love Field) (USD1.5 billion).
