Siemens AG (SIE), Europe’s largest engineering company, will start its 4 billion-euro ($5.4 billion) share buyback today.
No more than 47.8 million shares will be purchased and the buyback will end on Oct. 31, the Munich-based company said today in a statement. The buyback was first announced on Nov. 7.
“The buyback serves the sole purposes of canceling 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 company said in the statement.
To contact the reporter on this story: Sheenagh Matthews in Frankfurt at firstname.lastname@example.org
To contact the editors responsible for this story: Simon Thiel at email@example.com Andrew Noel