Centex launches big share buyback

DALLAS, Nov. 1 (UPI) -- Dallas-based Centex Corp. said Tuesday it would buy as many as 5 million of its own shares, a commitment that could be worth more than $320 million.

Centex, whose shares were selling for more than $64 in mid-morning trading, said its Rule 10b5-1 share repurchase plan would be paid for, in part, by proceeds from the sale of its British home building operations.

The 55-year-old company operates in major U.S. markets in 25 states and delivered more than 33,000 homes in the United States in its most recent fiscal year ended March 31, 2005.