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Merck gets $10B repurchase authorization, raises dividend

Merck & Co. Inc.'s board authorized an additional $10 billion of treasury stock purchases with no time limit for completion.

The board also increased its quarterly dividend to 48 cents per outstanding common share, up 1 cent from 47 cents per share in the last quarter.

The dividend is payable Jan. 8, 2018, to stockholders of record as of Dec. 15.

Merck previously increased its dividend in November 2016, when the board raised it from 46 cents per share to 47 cents per share.