LANXESS suspends share buy-backs on coronavirus impacts

LONDON (ICIS)–LANXESS has decided to suspend its recently initiated share buy-back programme for an indefinite period because of the coronavirus (Covid-19) pandemic.

The programme has a total volume of up to €500m and was initiated on 12 March with a first tranche of up to €250m.

In view of the challenges from the pandemic, LANXESS needed to conserve its liquidity, CFO chief financial officer Michael Pontzen said in a statement late on Monday.

Only two weeks ago, LANXESS said that it intended to continue with the share buy-back programme.

A number of other firms – including Shell, Total and Stolt-Nielsen – recently suspended buy-backs to preserve liquidity in the face of the crisis.

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Additional reporting by Tom Brown