26 July 2002 10:31 [Source: ICIS news]
LONDON (CNI)--German chemicals giant BASF on Friday began its Euro500m ($507m) share buyback programme, which continues until the end of the year.
With a share price of Euro36 yesterday, this corresponds to 2.4% of the company’s market capitalisation, said BASF.
The aim of the share buyback programme is to reduce the equity ratio and increase earnings per share (EPS), it added.
Holding company BASF Aktiengesellschaft currently has about 583m shares outstanding. Last year, the company used Euro1.3bn to buy back a total of 30 775 000 shares, about 5% of BASF's share capital, at an average price of Euro42.22/share.
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