Hewlett-Packard Co. announced plans Monday to buy back $10 billion US of its own stock.

Hewlett-Packard has also been bidding against Dell for the data storage provider 3Par. (CBC)

"We plan to be active in repurchasing our shares," HP's chief financial officer Cathie Lesjak told the Wall Street Journal.

Lesjak added that the company expects to repurchase at least $3 billion of stock in the quarter ending Oct. 31.

After previously issuing stock through company-issued employee stock plans, HP is moving to buy back some of its shares and boost its share price.

The company's stock has slumped 17 per cent this month. It now has a market capitalization of $87.4 billion.

The computer-making giant started an $8 billion stock-buyback effort in November. In the last quarter the company repurchased $2.6 billion of that; another $4.9 billion remains outstanding.

The announcement comes as the personal computer maker bids against Dell Inc. for the data storage provider 3Par Inc., offering $1.5 billion a week after Dell agreed to acquire the company for $1.13 billion.

On Friday, HP raised its offer for 3Par to $30 a share, or $1.88 billion, and 3Par threw its support behind that offer.

Dell said Saturday it was considering raising its offer.