Boeing to Repurchase Up to 40 Million Shares

Boeing Co. said its board authorized the repurchase of as many as 40 million shares, or about 5% of its outstanding shares of common stock.

Boeing also declared a quarterly dividend of 25 cents a share, payable Sept. 2 to shareholders of record Aug. 12.

The company expects to complete repurchasing the 10 million shares remaining under its authorization, approved in December 2000.

The December 2000 buyback program was halted after the Sept. 11 terrorist attacks caused a plunge in U.S. air travel. It resumed in May 2004.

Shares of Boeing climbed $1.17 to $61.76.