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Teva's new acquisition? Its own shares

The world's largest generic drug maker plans to buy back up to $3 billion of its shares over the next three years.

Teva Pharmaceutical Industries, which has its North American headquarters in North Wales, has grown greatly by acquisition over the years.

It acquired Frazer's Cephalon and Japan's Taiyo in 2011 and Germany's ratiopharm in 2010.

Now Teva plans to acquire its own shares. The board of the Jerusalem-based company said it plans to buy back up to $3 billion of its ordinary shares and American depositary receipts over the next three years. Teva said the purchase would amount to 8 percent of its outstanding stock.

Other companies are showing a willlingness to ride the M&A trail. Tokio Marine Holdings will buy Delphi Financial Group, which owns Philadelphia's Reliance Standard Life Insurance Co., in a cash transaction valued at $2.7 billion.

Tokio Marine will pay $43.875 per Class A share and $52.875 per Class B share of Delphi, which also owns property and casualty and other insurance-related businesses.

Tokio Marine placed its first bet on the U.S. insurance market when it acquired Bala Cynwyd-based Philadelphia Consolidated Holding for $4.7 billion in 2008.