Ahold Delhaize Posts Share Buyback Update
Netherlands-based retail group Ahold Delhaize has announced that it repurchased 2,640,446 Ahold Delhaize common shares in the period from 12 to 16 February 2018.
These shares were repurchased at an average price of €17.71 per share, for a total consideration of €46.7 million.
These repurchases were made as part of the company's new €2 billion share buyback scheme, which was launched at the beginning of the year.
The total number of shares repurchased under this programme to date is 18,215,091, for a total consideration of €328.8 million.
Ahold Delhaize says that the purpose of the programme is to reduce capital by cancelling all or part of the common shares acquired by the group, and this process is expected to be completed before the end of 2018.
This week, ratings agency Moody's upgraded Ahold Delhaize, citing positive synergies arising out of its recent merger.
"Our decision to upgrade the ratings of Ahold Delhaize reflects our view that it will continue to grow its earnings thanks to the synergies arising from the Ahold-Delhaize merger and despite fierce competition in the US and in Belgium" said Vincent Gusdorf, senior analyst at Moody's and lead analyst for Ahold Delhaize.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.