Novell is to buy back 10% of its shares on the open market using cash and short-term investment totalling $1.08 billion (#659 million). The deal will involve 35 million shares in circulation today. Companies generally repurchase shares to guard against takeovers, or as a way to use up excess cash. Dennis Raney, Novell's newly appointed chief financial officer, said: "Share repurchase is both a good use of a portion of Novell's cash asset and completes other investment decisions that we are making to grow Novell's business." Last year Novell spent $456 million (#278 million) repurchasing 33 million shares.
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