08:41 AM EDT, 04/29/2024 (MT Newswires) -- Alimentation Couche-Tard ( ANCTF ) on Monday said the Toronto Stock Exchange has approved the renewal of its share repurchase program.

Couche-Tard may buy back up to 78 million common shares, or 10% of its public float. Based on the current share price, the buy back would be an investment of US$4.3 billion ($5.9 billion) if exercised in full, the company said.

The program will run from May 1 and end on April 30 next year. Under its previous program, which expires on May 1, Couche-Tard repurchased 25.3 million shares for U$$1.3 billion, at a weighted average price per share of US$50.88.

The company has also established an automatic securities purchase plan with a designated broker so that shares may be repurchased at times when such purchases would otherwise be prohibited due to regulatory restrictions or self-imposed blackout periods.