202101 Jul

STMicroelectronics launches share buy-back programme


STMicroelectronics has announced the launch of a share buy-back programme of up to $1,040m to be executed within a three-year period (subject to shareholder and other approvals). The company intends to carry out the buy-back programme, and hold the shares bought back as treasury stock, for the purpose of meeting the companys obligations in relation to its employee stock award plans and to support the potential settlement of its outstanding convertible bond. The company will appoint one or more brokers to execute the share buy-back programme in accordance with all applicable regulations. Purchases of shares will be made on one or more trading venues, which may include the regulated market of Euronext Paris, the Mercato Telematico Azionario organised and managed by Borsa Italiana and the New York Stock Exchange. The actual timing, number and value of company shares repurchased under the share buy-back programme will depend on a number of factors, including market conditions, general business conditions and applicable legal requirements.

Source: Electronicspecifier