Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Siemens starts 4 billion euro share buyback program

Send a link to a friend  Share

[May 12, 2014]  FRANKFURT (Reuters) Germany's Siemens said on Monday it is starting a share buyback program of up to four billion euros ($5.5 billion).

The share buyback was announced in November last year, but was put on hold as the engineering giant drew up a restructuring program to catch up with more profitable competitors.

Until 31 October 2015, Siemens will repurchase up to 47.8 million shares, the company said.

"The buyback serves the sole purpose of cancelling and reducing the capital stock, issuing shares to employees, board members of affiliated companies, and members of the Managing Board of Siemens AG as well as servicing convertible bonds and warrant bonds," the group said in a statement.

($1 = 0.7269 Euros)

(Reporting by Kirsti Knolle; editing by Jason Neely)

[ 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Top Stories index

Back to top