LANXESS suspends share buy-back
In view of the corona crisis, the Board of Management of LANXESS AG decided today to suspend the share buy-back program decided on March 10, 2020 for an indefinite period. The program has a total volume of up to EUR 500 million and was initiated on March 12, 2020 with a first tranche of up to EUR 250 million.
Michael Pontzen, CFO of LANXESS AG: “In view of the challenges resulting from the corona pandemic, we need to conserve our liquidity. LANXESS has built up a very solid financial base in recent years. Nevertheless, we want to secure the greatest possible flexibility in the current situation.”
The Board of Management of LANXESS will continuously monitor the challenging situation and decide about a resumption of the share buy-back program in due course.
Forward-Looking Statements
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.