Schindler to Buy Back as Much as 9.5% of StockSheenagh Matthews
Schindler Holding AG, a Swiss maker of escalators, plans to buy back as much as 9.5 percent of its stock within three years.
Two trading lines on the SIX Swiss exchange will open today and may stay open until the end of 2015 to purchase stock and share certificates, the company said in a statement today. Schindler will propose canceling the shares at its general annual meeting.
The stock rose as much as 2.3 percent to 135 francs in Zurich trading and was up 1.3 percent as of 9.26 a.m., valuing the company at 15.7 billion francs ($17.1 billion). The stock had gained 21 percent in 2012.
The amount of shares trading freely, currently at 29.9 percent, won’t drop below the 25 percent level required by the exchange, the company said. The Schindler and Bonnard families hold 69.8 percent of the voting rights and the company said it doesn’t know if they will participate in the buyback program.
Schindler, which hired UBS AG to manage the buyback, will end the program when 9.5 percent of the equity capital has been purchased, the manufacturer said.