Covestro decides on EUR 1.5 billion share buy-back program
The Covestro Board of Management has decided to buy back own shares worth a maximum notional amount of EUR 1.5 billion or up to 10% of the outstanding capital stock, depending on which value is reached first. This decision is based on the authorization of the Annual General Meeting of September 1, 2015.
The share buy-back will be executed through XETRA trading (FSE) in line with the requirements for share buy-back programs set forth by the Market Abuse Regulation and the associated EU Commission Implementing Regulation.
The buy-back program is planned to commence during the fourth quarter 2017 and has an initial duration until mid of 2019.
With 2016 sales of EUR 11.9 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro, formerly Bayer MaterialScience, has 30 production sites worldwide and employs approximately 15,600 people (calculated as full-time equivalents) at the end of 2016.
This investor news may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.