The buyback took place on Friday morning before the Paris stock market opened for trading.
Like dividends, buybacks take capital away from management and put it in the hands of owners.
The wheels fell off that strategy last year as Dell's stock price fell and buybacks took place at twice the market price.
Like dividends, buybacks take capital away from corporate managements and put it in the hands of owners, who can presumably put it to better use.
It added another $50bn to its share buyback programme, taking the total being returned to shareholders to $200bn by March 2017.
"Whether it's mergers and acquisitions, or buyback activity taking some supply out of the market, or a continued low interest rate environment, one could argue they could impact the intermediate market".
That makes it more likely that the buyback is taking place because the insiders know the intrinsic value and are paying less than that value, says Vermaelen.
Today, I announced the details of LA's second Gun Buyback Program, taking place Saturday, May 8.
The buyback will take place over an unspecified time.
