The new $8 billion four-year repurchase program for Nike's class B stock will follow the company's current $5 billion buyback plan once that program is completed during the second quarter of fiscal 2013, Nike said on Wednesday.

"Over the past 10 years, Nike has returned $10 billion to shareholders through the repurchase of more than 167 million shares," Chief Executive Mark Parker said in a statement, adding that share buybacks are a prudent use of Nike's cash.

Nike has a market value of $44 billion based on its closing share price Wednesday of $97.66 and its 453.87 million shares outstanding.

Another U.S. company, CVS Caremark, also announced a big $6 billion share buyback program on Wednesday.

(Reporting by Sakthi Prasad in Bangalore; Editing by Chris Gallagher)

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