Mondelez OKs $1.2 billion in stock buybacks

DEERFIELD, Ill. (AP) -- Mondelez International Inc., the maker of Oreo cookies and other snack brands, said Wednesday that its board authorized stock buybacks that could total $1.2 billion.

The Deerfield, Ill.-based company said the program allows for either 40 million shares or $1.2 billion in buybacks, whichever is less. The purpose of the buyback is to offset dilution from the company's equity compensation program, the company said. Mondelez also declared a regular quarterly dividend of 13 cents per share, payable on April 15 to shareholders of record April 1.

Mondelez, which split from Kraft Foods Group Inc. last year, also makes Cadbury and Nabisco.

Shares of Mondelez edged up 14 cents to $28.35.