Germany's Daimler Announces $9.3 Billion Share Buyback Plan

June 17, 2008 10:13 a.m. EST

Stuttgart, Germany (AHN) - German car manufacturer Daimler AG, on Tuesday announced a $9.3 billion share buyback plan. In a bid to boost investor returns, the luxury car maker is set to repurchase up to 10 percent or 96.4 million of its own shares by April 8, 2009.

In March, Daimler successfully concluded the first wave of buybacks that allowed the company to recover 99.8 million of its own shares at a cost of $9.6 billion.

The German company, formerly known as DaimlerChrysler AG, is still trying to recoup from losses made from the August 2007 sale of Chrysler to New York-based Cerberus Capital Management. The deal resulted in a $12.6 billion dip in Daimler's market value, and the company has since been working on rebuilding its capital structure.