Molson Inc., Canada's oldest and biggest brewery, announced its plans to buy back around 3.8 million of its Class A and B shares on the Toronto Stock Exchange, nearly 3% of outstanding shares.

“The move was to counter the dilutive effect of the granting of options to employees,” the company said. Molson said yesterday it has received TSX approval to repurchase and cancel 3.1 million class A non-voting shares and nearly 675,000 class B shares. By buying back its shares, Molson also reduces its equity base, spreading profit over fewer shares.

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