Colgate said it will buy back 3 million shares.

The company said its board of directors has authorized the repurchase of the shares in the open market or through privately negotiated transactions. Colgate-Palmolive, a leading consumer products company, recently completed a cash tender offer for 12 million shares of common stock at $29 a share, or $348 million. Including the 3-million-share repurchase, the shares sought by the company represent 18% of its outstanding shares.