Siemens to Start Share Buyback Program of Up to $3.3 Billion

  • Company says buyback implemented exclusively on Xetra
  • Share buyback period extends through to November 2018

Siemens AG, Europe’s largest engineering company, said it will begin a 3 billion-euro ($3.3 billion) share buyback program, the second such repurchase since Chief Executive Officer Joe Kaeser took the helm in 2013.

The maker of trains, turbines and medical scanners plans to buy back as many as 60 million shares by Nov. 15, 2018, it said in a statement Tuesday. Siemens announced the plan in November after completing the previous month a 4 billion-euro buyback, acquiring 4.9 percent of stock.

In January, the company raised its full-year earnings per share outlook to between 6 euros and 6.40 euros, compared to a previous forecast of 5.90 euros to 6.20 euros.

Before it's here, it's on the Bloomberg Terminal.