Drillisch Reaches Four-Month High on Buybacks: Frankfurt Mover

Drillisch AG (DRI), a German provider of telephone services, rose to the highest price in four months in Frankfurt after announcing a plan to repurchase stock.

The supervisory board approved a proposal to buy back 3.79 million shares, the Maintal, Germany-based company said in a statement today. Together with 1.53 million treasury shares, Drillisch will hold about 10 percent of its own capital.

The stock advanced as much as 3 percent to 9.22 euros, the highest intraday price since May 25, and was up 2.2 percent as of 3:37 p.m. on the Frankfurt exchange. That increased Drillisch’s market value to 487 million euros ($628 million).

The phone company competes with Deutsche Telekom AG (DTE), Germany’s former phone monopoly, as well as operators including United Internet AG (UTDI) and Versatel AG.

To contact the reporter on this story: Kenneth Wong in Berlin at kwong11@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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