The parent company of Lake Success-based Canon USA will buy back up to 15 million of its shares, at a cost of more than $600 million.
Canon Inc., of Japan, will spend $610.4 million, to buy 1.2 percent of the shares it does not already own, Reuters reports Wednesday. The buyback will take place starting Thursday and ending July 28.
Canon will use the shares "to prepare for possible share swaps and other strategic moves," Reuters said.
Photo: A Canon EOS Rebel T2i camera.