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Diversified industrial group Barloworld, which counts Russia as a key market, and whose shares have fallen more than a third so far in 2022, intends to buy back as much as a tenth of its shares, which it said are undervalued.

Barloworld’s shares rose 5.87% to R93.45 on Thursday afternoon, but they are still down about 38% in the year to date, wiping out roughly R12bn in shareholder value. The group is valued at R18.7bn on the JSE...

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