19 April 2005 11:23 [Source: ICIS news]
LONDON (CNI)--German chemicals company BASF announced Tuesday that it is to continue with its share buyback programme and plans to buy back shares worth Euro1.5bn ($1.94bn) in 2005.
The programme is designed to reduce BASF’s equity ratio and increase earnings per share through the purchase and cancellation of shares.
Between February 2004 and March 2005 the company bought back shares worth Euro1bn at an average price of Euro46.95. Of the 21.3m repurchased shares, 15.4m have already been cancelled. The remainder will be cancelled in the short term.
Following this morning's announcement, BASF shares gained 2.16% to Euro52.13 by ?xml:namespace> hours CET ( BST) on the Frankfurt Stock Exchange.
Since the beginning of 1999 BASF has bought back over 102m shares at a cost of Euro4.25bn, corresponding to 16.4% of the company’s share capital at the end of 1998.
The BASF board is to request authorisation for the latest extension to the programme at the Annual General Meeting on 28 April.
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