8th May 2018 08:37
LONDON (Alliance News) - Unilever PLC said Tuesday it has started its EUR6.00 billion share buyback programme with an initial EUR3.00 billion tranche ending no later than mid-July.
The consumer goods giant announced the buyback at its first quarter results, released in mid-April. The company had said it will buyback up to EUR6.00 billion from May onward which will see it return the proceeds of its disposal of its spreads business.
In December, Unilever agreed to sell its spreads business - including the Flora, Becel and ProActiv brands - to KKR & Co LP for EUR6.83 billion.
The initial EUR3.00 billion tranche will start on Tuesday and complete no later than July 19. Of this EUR3.00 billion, EUR1.5 billion each will be used to repurchase its London-based Unilever PLC shares and its Amsterdam-based Unilever NV shares.
Any further tranches after this current one completes will be announced in "due course", Unilever added.
Unilever's London shares were up 2.3% at 4,070.00 pence early Tuesday.
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