DGAP-Adhoc: Covestro AG: Covestro resolves on share buyback program with volume of approx. EUR 500 million
DGAP-Ad-hoc: Covestro AG / Key word(s): Share Buyback
Covestro AG: Covestro resolves on share buyback program with volume of approx. EUR 500 million
28-Feb-2022 / 19:37 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The Board of Management of Covestro AG - in light of the successful business development - today resolved on a share buyback program. The program amounts to a total volume of approximately EUR 500 million (without ancillary transaction costs) and shall be concluded within two years. Generally, the repurchased shares are subsequently to be cancelled and the share capital is to be reduced accordingly.
The share buyback program is based on the authorization by the Annual General Meeting of Covestro AG on April 12, 2019, authorizing the Board of Management to purchase up to 10 percent of the company's share capital until April 11, 2024.
The purchase shall be executed via stock exchange and be conducted in compliance with the safe harbor provisions of Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 (MAR) in conjunction with the provisions of the Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016.
The share buyback program is based on the authorization by the Annual General Meeting of Covestro AG on April 12, 2019, authorizing the Board of Management to purchase up to 10 percent of the company's share capital until April 11, 2024.
The purchase shall be executed via stock exchange and be conducted in compliance with the safe harbor provisions of Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 (MAR) in conjunction with the provisions of the Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016.
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