Kering launches stock repurchase programme
By Huw Hughes
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Global luxury group Kering has announced plans to repurchase up to one percent of its share capital over a 12-month period.
The group has signed a share buyback agreement with an investment service provider in which a first tranche covering a maximum volume of 631,000 shares - approximately 0.5 percent of Kering’s outstanding share capital - could be repurchased.
Kering said in a statement that the total buyback amount would not exceed 300 million euros and the price per share would not exceed 480 euros - the maximum price set by the meeting of shareholders on 26 April, 2018 in its 10th resolution.
The agreement’s purchase period will commence on 29 October, 2018, and has a maximum duration of four months.