FirstEnergy buys back $900M in stock

AKRON, Ohio --FirstEnergy Corp., a utility serving parts of Ohio, Pennsylvania and New Jersey, said Friday it bought 14.4 million, or 4.5 percent, of its outstanding shares for $900 million.

The buyback, dubbed "a new accelerated" share repurchase agreement with a Morgan Stanley affiliate, was funded with short-term debt. The company paid $62.63 per share.

FirstEnergy has bought back roughly 7.6 percent, or 330 million shares, of outstanding stock since the end of the second quarter 2006.

FirstEnergy closed Thursday on the New York Stock Exchange at $62.63.