Marsh & McLennan said it plans to re-purchase $800 million shares of its common stock, which led to a 2 percent uptick in its share price in early morning trading today.
The New York-based services company, the parent company of insurance broker Marsh and reinsurance broker Guy Carpenter, announced after the close of trading Friday that it would make the repurchase from a single financial institution. The company did not name the institution and an MMC spokeswoman said it will not.
The $800 million comes from MMC's recent sale of its investment unit, Putnam, which was sold to Canada-based Great-West Lifeco for $3.9 billion, of which MMC said it netted $2.5 billion.
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