P.M. BRIEFING : Pacific Telesis Plans Stock Repurchase of 25-Million Shares

Pacific Telesis Group said today it plans to repurchase up to 25-million common shares, which would be worth about $1.2 billion based on the company’s Friday closing price.

The West Coast Baby Bell said it recently completed buying back 10-million shares. A spokeswoman for Pacific Telesis said there are about 416-million shares currently outstanding.

The new repurchase program will be funded initially with internal corporate funds and short-term borrowings, Pacific Telesis said. The buybacks will be made on the open market and through privately negotiated deals, Pacific Telesis said.

In midday trading, Pacific Telesis share prices were up 25 cents to $48.

Last Thursday, the communications company said it would cut its work force during the next five years by about 11,000 employees, or 16%, in an effort to streamline operations amid increasing competition.