Iberdrola Announces Buyback Program of EUR745.1 Million
By Marc Bisbal Arias
Iberdrola SA (IBE.MC) said Tuesday that it will start a buyback program valued at a maximum amount of 745.1 million euros ($918.9 million).
The Spanish utilities company said the buyback program will cover up to 99.3 million shares. This represents around 1.5% of its capital.
The program will take place from Feb. 21 to June 15. However, Iberdrola said that it reserves the right to terminate the program early if the company acquires the maximum number of shares allowed by the board of directors or "when circumstances render it appropriate."
The buyback program is subject to approval at the shareholders' meeting, scheduled for mid-April.
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(END) Dow Jones Newswires
February 20, 2018 09:40 ET (14:40 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.