ANZ's $425m sweetener turns sour PLANS by ANZ to hand a further $425 million back to shareholders has failed to win over the market, with the banks suffering a sharp sell-off as equity strategists turn bearish on the sector. Yesterday ANZ said it would buy back on-market $425m of shares to offset the dilution from its dividend reinvestment plan as part of its 73c-a-share interim payout, following similar moves by Commonwealth Bank and Westpac. Companies issue more shares to shareholders who take part in DRPs but can neutralise the dilutive impact by instead buying their own shares on-market and giving them to shareholders.