Enel Jumps Most Since June on Share Buyback, Strategic Plan
- Enel increases 2017 dividend to 65 percent of net income
- Utility proposes 3 billion-euro share buyback in 2017-19 plan
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Enel Spa plans to buy back shares, sell assets and cut costs as it unveiled a strategic plan focused on network digitization and boosting its retail business. Shares rose the most since June.
Europe’s largest utility plans to make about 3 billion euros ($3.2 billion) of disposals in the next three years, including thermal generation assets, renewables and in Latin America, the Rome-based company said Tuesday in a strategy statement. It’s proposing a share buyback option for as much as 2 billion euros, and plans to boost its 2017 dividend to 65 percent from 60 percent of net income previously.