BASF Launches $3.4 Billion Share Buyback
January 04 2022 - 6:42AM
Dow Jones News
By Giulia Petroni
BASF SE said Tuesday that it will launch a share buyback program
of up to 3 billion euros ($3.40 billion), citing positive business
development and divestitures last year.
The German chemicals conglomerate said the program should start
this month and end by Dec. 31, 2023 at the latest. It is subject to
a renewed authorization to repurchase own shares by the annual
shareholders meeting scheduled for April 29.
All repurchased shares will be canceled and the share capital
reduced accordingly.
BASF also said it will continue to prioritize organic growth in
the use of capital, while acquisitions are currently less relevant
for the company.
At 1210 GMT, shares were up 2.6% at EUR64.23
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
January 04, 2022 07:27 ET (12:27 GMT)
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