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Exxon Positioning to Buy BP

Obviously the EM shares are worth far less now than when they were buying them back at $90/share a few years ago

... which is exactly why I don't like share buy-backs as an alternative to dividends. Companies typically buy back their own shares when they have excess money, which is also typically when their share prices are at a high level. An extreme example of how to go wrong with this is provided by Nokia; they had a share buy-back program in 2003-2008, and they bought over a billion of their own shares back with €19 billion, bringing the number of outlying shares from about 4.9 billion to 3.8 billion. Today, Nokia's market cap is €26 billion.
 

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