Hewlett-Packard approves additional $10 billion for share repurchases

HP authorizes $10B share buyback

PALO ALTO, Calif.- — Hewlett-Packard Co. says its board has authorized the repurchase of $10 billion in shares.

The announcement Monday comes as the personal computer maker is involved in a bidding contest with rival Dell Inc. for the data storage company 3Par Inc.

HP says it plans to use the share buyback authorization to manage share dilution from employee stock plans and to buy back shares opportunistically.

Hewlett-Packard had $4.9 billion left under its current $8 billion repurchase plan at the end of July.

On Friday, HP raised its offer for 3Par to $30 a share, or $1.88 billion, and 3Par threw its support for that offer. Dell said Saturday it is considering raising its offer of $27 a share.