07 September, 2017

UK: Diageo buying back its GBP1.5 bln shares

Diageo PLC said it will commence its GBP1.5 billion share buy-back programme, first detailed in July, on Friday, September 8, Alliance News reported.

The alcohol beverage firm will buy back GBP1.5 billion shares from September 8 in a programme expected to end no later than the end of March 2018, as part of an effort to reduce its share capital.

Diageo intends to cancel all shares purchased.

It enabled Morgan Stanley & Co International PLC to buy back the shares, pursuant to its existing general authority to repurchase a maximum of 251.8 million shares.

Shares in Diageo were up 0.2% at 2,585.50 pence on September 8.

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