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Conagra Foods announces conditional $1.25 billion stock repurchase plan

ConAgra Foods
Daniel Acker | Bloomberg | Getty Images

Conagra Foods on Tuesday said its board of directors has approved a conditional $1.25 billion stock repurchase plan.

Conagra Foods said the buyback program is contingent on the completion of spin-off of its Lamb Weston business, and that the plan has no expiration date.

Conagra Foods will be renamed Conagra Brands upon completion of the spin-off.

CNBC contributed to this report.