FRANKFURT (AFX) - Continental AG CEO Manfred Wennemer said he is against any share buyback programs, dismissing speculations his company would launch such a measure in order to return cash to its shareholders, reported Die Welt in an interview to be published tomorrow.
'We want to grow, not shrink... that is exactly the opposite in most companies that buy back their shares,' he told the newspaper.
Speculations of a possible share buyback have arisen because of Continental's high level of cash reserves. Continental itself said it wants to make acquisitions but that there is nothing concrete at the moment.
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