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Medical devices maker Smith & Nephew is to hand back cash to shareholders through a $300 million share repurchase programme. The supplier of artificial hips and knees announced the buyback on Thursday as part of a new capital allocation that will also see a commitment to continuing investment and acquisitions. Industry analysts had been eagerly anticipating news on the company’s plans for the use of its cash, although they were uncertain whether it would opt for a share repurchase scheme. Chief Executive Olivier Bohuon said there was scope to return surplus capital despite ongoing investment.
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