THE WHAT? Unilever has announced the commencement of its program to buy back shares with an aggregate market value of up to €3 billion, to be completed by the end of this year.
THE DETAILS The first tranche of the program began on May 6, 2021, with the UK-based FMCG manufacturer purchasing 611,697 ordinary shares at an average price per share of £4,277.52. The Initial Program is set to end on August 27, 2021.
Further tranches will be announced in due course, the maker of Dove said.
THE WHY? The purpose of the initial program is to reduce the capital of Unilever PLC, the company said in a press release.