Nestlé S.A. has announced plans to launch a new share buyback programme of up to CHF20 billion (€18.40 billion).
The food giants programme, scheduled to commence on or after tomorrow (3 January 2020), will close by the end of December 2022.
The volume of monthly share buybacks will depend on market conditions, the group said in a statement.
The amount of share buyback will be reduced in case of any extraordinary dividend payments or sizeable acquisitions by the company during this period, it said.
In December of 2019, the company completed a share buyback programme worth CHF 20 billion, initiated on 4 July 2017.
During this period, Nestlé repurchased 225,186,059 of its shares at an average price of CHF 88.82 (€81.72) per share.
A total of 136,160,000 repurchased shares were cancelled by the company's Annual General Meetings held on 12 April 2018 and 11 April 2019.
The company's Annual General Meeting in 2020 will decide upon the cancellation of the remaining 89,026,059 repurchased shares, the company added.
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