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LOUISVILLE, Ky. — Yum! Brands Inc. said Thursday it has approved the buyback of an additional $500 million worth of the company's shares over the next 12 months. In November 2005, the board authorized the repurchase up to $500 million of the company's stock, which is in the process of being completed, the Louisville, Ky.-based restaurant company said. Yum also declared its regular quarterly dividend, and said it continues to target a payout ratio of 15 percent to 20 percent of annual net income.

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