Bridgestone in $1.3 Billion Share Buyback After Profit Drop

Bridgestone Corp. said it will purchase up to 150 billion yen in the Japanese tiremaker’s biggest stock buyback since at least 2000 to improve capital efficiency and boost enterprise value. The Tokyo-based company will buy back as many as 50 million shares, or 6.4 percent of stock outstanding, and cancel them in addition to another 20 million in treasury stock, it said in a statement on Friday.