Covanta raises share repurchase authorisation to USD 300m

(ADPnews) – May 9, 2011 - US waste-to-energy firm Covanta Holding (NYSE:CVA) has raised its share repurchase authorisation by an additional USD 100 million (EUR 69m) to a total USD 300 million.

The company expects to fund the share repurchases using available sources of liquidity, including its substantial cash generated from the business and proceeds from asset sales. The repurchases may employ a variety of methods including open market purchases, privately negotiated transactions and block trades, Covanta said on Friday.

From June 2010 to the end of this year's first quarter, the company has returned about USD 390 million to shareholders through a combination of share repurchases, a special dividend and the institution of an ongoing quarterly cash dividend, said Sanjiv Khattri, Covanta's executive vice president and CFO.

(USD 1.0 = EUR 0.695)

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