Unilever PLC and Unilever N.V. have announced the commencement of a programme to buy back shares with an aggregate market value equivalent of up to €6 billion.
The programme is in line with the Group’s target of a net debt to EBITDA ratio of 2.0x. and its 'intention to return the expected after-tax proceeds upon completion of the spreads disposal to shareholders, unless more value-creating acquisition alternatives arise'.
Share Buy-Back
Unilever said that the first tranche ('Initial Programme') of the programme commenced on May 8, and will end no later than 19 July 2018.
The Initial Programme will be for an aggregate equivalent of €3 billion, of which €1.5 billion will be bought back in the form of Unilever PLC ordinary shares, and €1.5 billion will be bought back in the form of Unilever N.V. ordinary shares.
As agreed by the Boards of each Unilever PLC and N.V., the maximum number of shares to be bought back by Unilever PLC is 123,176,000 and the maximum number of shares to be bought back by Unilever N.V. is 210,906,593.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.
