FedEx acquires large chunk of stock from Morgan Stanley

A FedEx plane

FedEx Corp. said Tuesday it acquired 7.9 million shares of its common shares worth $1.5 billion from investment banking giant Morgan Stanley & Co. as part of an accelerated share repurchase plan announced in June.

The accelerated buyback program is part of FedEx’s plan to repurchase up to $5 billion of common shares.

FedEx (NYSE: FDX) said it acquired the shares from Morgan Stanley (NYSE: MS) at current market prices. As of midday trading on Tuesday, FedEx shares were up 4.5%. The share price is...

https://www.freightwaves.com/news/fedex-acquires-large-block-of-stock-from-morgan-stanley

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