LEVERKUSEN (dpa-AFX) - Specialty chemicals company Lanxess AG (LNXSF.PK) expects to start the first tranche of share buy-back on March 12, 2020 and shall be completed within the next 12 months.
In May 2019, the company was authorized to buy back up to 500 million euros via the stock exchange in the next 24 months, but not more than 10 percent of the share capital of the company.
On the basis of the current share price of 40.30 euros per share, on March 9, 2020, the company could buy back about 8.74 million own shares, or 10 percent of the share capital, for an aggregate consideration of about 352 million euros.
The company noted that it will split share buy-back into two tranches of 250 million euros each.
The company expects to start the first tranche of share buy-back on March 12, and take a decision on the second tranche of the buy-back program after completing the first tranche.
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