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Whirlpool to repurchase about 8.8% of its shares as part of buyback

Whirlpool Corp. said May 30 that it would repurchase about 8.8% of its outstanding shares as part of a $1 billion buyback.

In a statement, the U.S. maker of home appliances said it accepted 6,269,591 shares of its common stock, at $159.50 per share, tendered through a modified Dutch auction that ended May 23.

The offer was oversubscribed. Computershare Trust Co. NA, the depository for the offer, said the proration factor was about 87%. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the dealer managers.

The buyback followed an announcement on April 24 that the Benton Harbor, Mich., company had agreed to sell its Brazilian compressor business, Embraco - Empresa Brasileira de Compressores SA, to Japan's Nidec Corp. for $1.08 billion.