European Companies Plan Flurry of Buybacks -- At a Glance
25 February 2023 - 12:58AM
Dow Jones News
By Christian Moess Laursen
Stock buybacks continued in the U.K. and across Europe this
week, with at least ten companies announcing plans to repurchase
shares. Here is a look at companies that announced buybacks this
week:
-- U.K. bank Lloyds Banking Group PLC said Wednesday that it
intends to launch a 2.0-billion pounds ($2.40 billion) share
buyback. On Thursday, the lender said the buyback would start next
week and end Dec. 29.
-- Eni SpA, an Italian oil-and-gas major, said Thursday it would
launch a 2.2 billion-euro ($2.33 billion) share buyback in 2023,
equivalent to around 4.5% of shares in issue at the current share
price, following shareholder approval in May.
-- Stellantis NV, the European car maker that owns the Jeep and
Dodge brands, said Wednesday it approved a buyback program of up to
EUR1.5 billion to be executed in open market by the end of
2023.
-- French insurer AXA SA said Thursday it launched a
share-buyback program of up to EUR1.1 billion, expected to be
completed by year end.
-- German reinsurer Munich Re AG said Wednesday that it plans to
buy back shares worth up to EUR1 billion, and that the program will
run from May 6 to next year's annual general meeting, at the
latest.
-- Wolters Kluwer NV, a Dutch provider of professional
information services, said Wednesday that it intends to buy back up
to EUR1 billion in shares during 2023, matching its buybacks in
2022.
-- U.K.-listed InterContinental Hotels Group PLC, which owns the
Crowne Plaza and Holiday Inn hotel brands, said Tuesday that it was
launching a $750 million share buyback program over the course of
2023.
-- French construction-materials company Compagnie de
Saint-Gobain SA said Thursday it would allocate EUR400 million to
buybacks this year.
-- Howden Joinery Group PLC, a U.K.-listed maker of kitchen and
joinery products, said Thursday that it launched a GBP50 million
share buyback. Last year, the company completed a GBP250 million
share buyback.
-- Danish biotechnology company Genmab AS said Wednesday that it
is initiating a share buy-back program to buy up to 220,000 shares
starting on Feb. 23 and to end on March 31. In August, the company
completed a buyback of 835.3 million Danish kroner ($118.9 million)
for 342,500 shares.
-- This week's stock-repurchase announcements come after a
string of companies said they would launch buyback programs earlier
in the earnings season, including French bank BNP Paribas SA,
German luxury car maker Mercedes-Benz Group AG, British energy
giant Shell PLC and Danish pharmaceutical company Novo Nordisk
AS.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 24, 2023 08:43 ET (13:43 GMT)
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