Alcoa Approves Share Buyback, Raises Dividend

World's biggest aluminum maker Alcoa said its board authorized a buyback of about 87 million shares and a more than 13% increase in its annual dividend.

Alcoa also said it plans a public offering of up to $2 billion in the aggregate of new senior notes, and a cash tender offer for any or all of its outstanding 4.25% notes due Aug. 15, 2007.