China's Baidu to buy back up to $1 billion shares

(Reuters) - China's Baidu Inc said on Wednesday its board approved a plan to buy back up to $1 billion of its shares, with repurchases taking place over the next 12 months. The Nasdaq-listed search engine giant said the repurchases will be funded from the company's existing cash balance. Baidu shares have risen about 40 percent in the past year and closed at $250.77 on Tuesday. The company said its board would review the share repurchase program periodically, and may adjust its terms and size. In July 2015, Baidu announced a $1 billion share buyback plan after the company's stock price slid following a weak earnings report. (https://reut.rs/2MqUHpS) Last May, Alibaba Group Holding Ltd said it planned to buy back shares worth up to $6 billion over two years. (Reporting by Ismail Shakil in Bengaluru; Editing by Bernard Orr)