Diageo Announces Share-Repurchase Programme
Drinks giant Diageo has launched a share-repurchase programme, with which it is seeking to return up to £1.5 billion to shareholders during the fiscal year ending 30 June 2018.
The Tanqueray and Guinness owner has entered into a non-discretionary agreement with Morgan Stanley & Co. International to enable it to buy back shares.
The repurchase programme commenced on 8 September and is expected to end no later than on 31 March of next year.
Morgan Stanley will make its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company, it noted.
"The purpose of the buy-back programme is to reduce the share capital of Diageo plc," the group said. "All shares purchased will be cancelled. The buy-backs will be effected within certain pre-set parameters and in accordance with Diageo's general authority to repurchase shares."