LANXESS decides on share buy-back program with a total volume of up to EUR 500 million
CologneMarch 10, 2020
The Management Board of LANXESS decided on a share buy-back program. Based on the authorization granted by the Shareholders’ Meeting on 23rd of May 2019 own shares in a volume of up to EUR 500 million (excluding incidental costs) will be acquired via the stock exchange in the next 24 months, but in accordance with the authorization no more than 10% of the share capital of the Company.
On the basis of the current share price (EUR 40.30 per share; status: 9th of March 2020), the Company could buy back 8,744,785 own shares, respectively 10% of the share capital of the Company, for an aggregate consideration of EUR 352,4 million. The acquired shares shall be redeemed.
The share buy-back will be split equally into two tranches of EUR 250 million. The share buy-back of the first tranche will start on 12th of March 2020 at the earliest and shall be completed within the next 12 months at the latest. On the time period for the second tranche of the buy-back program no decision has been taken yet.
On the basis of the current share price (EUR 40.30 per share; status: 9th of March 2020), the Company could buy back 8,744,785 own shares, respectively 10% of the share capital of the Company, for an aggregate consideration of EUR 352,4 million. The acquired shares shall be redeemed.
The share buy-back will be split equally into two tranches of EUR 250 million. The share buy-back of the first tranche will start on 12th of March 2020 at the earliest and shall be completed within the next 12 months at the latest. On the time period for the second tranche of the buy-back program no decision has been taken yet.
LANXESS is a leading specialty chemicals company with sales of EUR 6.7 billion in 2023. The company currently has about 12,800 employees in 32 countries. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives and consumer protection products. LANXESS is listed in the leading sustainability indices of the Dow Jones Sustainability Index (DJSI World and Europe).
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.