Rolls-Royce announces $1.7B share buyback

Rolls-Royce (RYCEY) has announced it will repurchase $1.7B shares, due to no major acquisitions being seen in the near future.

"As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders," says CEO John Rishton.

The company sold its industrial gas turbine business to Siemens (SIEGY) in May for £785M. The transaction should be completed this year.

Rolls-Royce's stock has plunged -19% this year.

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