Siemens AG To Buy Back Shares And Cancel Treasury Shares
Based on an authorization given by the Annual Shareholders' Meeting on January 25, 2011 the Managing Board of Siemens AG has adopted today with the approval of the Supervisory Board a share repurchase of up to Euro 3 billion to be executed by December, 30 of 2012 at the latest. The buy back serves the purposes of cancellation and reduction of capital stock, issuance to employees, board members of affiliated companies and members of the Managing Board as well as for convertible bonds and warrant bonds. In addition, the Managing Board has decided the cancellation of approximately 33 million treasury shares which will reduce the capital stock from 914 million to 881 million.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.