International Paper Announces Additional $1.5 Bln Stock Buyback Authorization

(RTTNews) - International Paper Co. (IP) said Tuesday that its board of directors has authorized management to purchase up to $1.5 billion of additional shares of the company's common stock to supplement the $1.5 billion share repurchase program authorized in September 2013.

The company also declared a quarterly dividend of $0.35 per share for the period from July 1, 2014, to September 30, 2014, inclusive, on its common stock, payable on September 15 to holders of record on August 15.

In addition, the company declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2014, to September 30, 2014, inclusive, on the cumulative $4.00 preferred stock, also payable on September 15 to holders of record on August 15.