Sept. 13 (Bloomberg) -- Drillisch AG, 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, Germany’s former phone monopoly, as well as operators including United Internet AG and Versatel AG.
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