Ahold Delhaize has announced the commencement of a €1 billion share buyback programme, which it expects to complete by the end of this year.
Details of the programme were initially announced on 4 November last year.
In a statement, Ahold Delhaize said, 'Maintaining a balanced approach between funding growth in key channels and returning excess liquidity to shareholders is part of Ahold Delhaize’s financial framework to support its Leading Together strategy.
'The purpose of the programme is to reduce the capital of Ahold Delhaize, by cancelling all or part of the common shares acquired through the programme.'
The programme will be executed by intermediaries, allowing the execution of share repurchases in the open market during open and closed periods, the retailer said.
It added that it will provide regular updates on the progress of the programme over the coming year.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.