EQS-News: GEA resolves new EUR 400 million share buyback program and cancellation of shares amounting to EUR 700 million
EQS-News: GEA Group Aktiengesellschaft
/ Key word(s): Share Buyback
GEA resolves new EUR 400 million share buyback program and cancellation of shares amounting to EUR 700 million
Düsseldorf, November 7, 2023 – The Executive Board of GEA Group Aktiengesellschaft today approved the purchase by the company of treasury shares amounting to EUR 400 million (excluding ancillary acquisition costs) via the stock exchange in the period from November 2023 to early 2025, in accordance with the authorization granted by the Annual General Meeting on April 27, 2023. The first tranche of the program – with a purchase volume of up to EUR 150 million (excluding ancillary acquisition costs) – is scheduled to begin in November 2023 and be completed within six months. “The share buyback program is testament to our conviction in GEA’s operational strength and the objectives of our Mission 26 growth strategy,” explains CEO Stefan Klebert. “The company’s strong performance over the past few years has laid a very solid foundation for this program as well as for further sustainable and growth-oriented investments – whether in promising projects, research and development initiatives or acquisitions.” GEA plans to cancel shares amounting to a total of EUR 700 million The shares purchased under the share buyback program announced today will be canceled with no reduction in share capital. At the same time, with the Supervisory Board’s approval, the Executive Board resolved that the 8,161,096 treasury shares currently held by the company (corresponding to around 4.52 percent of the share capital) are also to be canceled with no reduction in share capital. This pertains to shares purchased under the 2021/2022 share buyback program, which amounted to a total volume of approximately EUR 300.5 million. “Thanks to our strong balance sheet, we are able to finance the share buyback program through current liquidity and future operating cash flow,” says GEA CFO Bernd Brinker. “We will attach an ESG component also to this program. GEA will continue to support the GEA project in Tanzania run by non-profit organization Viva con Agua, which supplies schools there with clean drinking water.” The share buyback will be carried out in accordance with the safe harbor rules of Article 5 of the EU Market Abuse Regulation (Regulation (EU) No. 596/2014) in conjunction with the provisions of the Delegated Regulation of the EU Commission (Regulation (EU) 2016/1052). GEA will publish regular updates on the progress of the share buyback program on its website www.gea.com.
NOTE TO EDITORS
Media Relations Anne Putz Peter-Müller-Str. 12, 40468 Düsseldorf, Germany Phone +49 211 9136-1500
About GEA GEA is one of the world's largest suppliers of systems and components to the food, beverage, and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components, and comprehensive services. With more than 18,000 employees working across five divisions and
GEA is listed in the German MDAX and the STOXX® Europe 600 Index and is also among the companies comprising the
More information can be found online at gea.com.
07.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | GEA Group Aktiengesellschaft |
Peter-Müller-Straße 12 | |
40468 Düsseldorf | |
Germany | |
Phone: | +49 (0)211 9136-0 |
E-mail: | [email protected] |
Internet: | www.gea.com |
ISIN: | DE0006602006 |
WKN: | 660200 |
Indices: | MDAX |
Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Munich; Regulated Unofficial Market in Hanover, Stuttgart, Tradegate Exchange |
EQS News ID: | 1767569 |
End of News | EQS News Service |
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1767569 07.11.2023 CET/CEST
GEA Group AG Stock
Currently there is a rather positive sentiment for GEA Group AG with 3 Buy predictions and 0 Sell predictions.
As a result the target price of 47 € shows a slightly positive potential of 15.65% compared to the current price of 40.64 € for GEA Group AG.