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The board of Cyrela Brazil Realty SA, Brazil's largest homebuilder, on Wednesday approved a plan to buy back as much as 10 percent of the company's shares, according to a securities filing.
The buyback could include just over 26 million shares, the company said, adding that it could take as long as a year. Cyrela also said it would scrap 16.9 million shares to wrap up a previous buyback program it started in September 2013. (Reporting by Juliana Schincariol; Editing by Jan Paschal)