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Crown signs agreement to buy shares of common stock

Packaging products supplier Crown Holdings has entered into a definitive agreement with Merrill Lynch, Pierce, Fenner & Smith to buy shares of its common stock under an accelerated share repurchase program.

Initially, Crown purchased 5,016,190 shares for $200m, pursuant to the agreement and the final number of shares to be repurchased will be based on the company’s volume-weighted average stock price during the term of the transaction.

According to Crown, the transaction is expected to be completed in November 2012.

US-based Crown Holdings supplies packaging products to consumer marketing companies globally through its subsidiaries.