Since then, the Board of Management has been authorized to acquire own shares, in compliance with the applicable legal provisions, representing a total of up to 10% of the company's existing capital stock until April 11, 2024. Based on this authorization, on February 28, 2022, the Board of Management resolved on a share buyback program with a total volume of approximately EUR 500 million (without ancillary transaction costs) that shall be concluded within two years. Generally, the repurchased shares are subsequently to be cancelled and the share capital is to be reduced accordingly.
Previously, the authorization to purchase own shares granted on September 1, 2015 had been largely exhausted by a share buyback program announced by Covestro in the fall of 2017. The program comprised the repurchase of own shares between November 2017 and December 2018. In three tranches, shares totaling more than 9.8% of the capital stock, or just under €1.5 billion, were acquired.
Covestro publishes the transactions conducted for this purpose at that time: