Bekaert announces the eighth tranche of its Share Buyback Program
Bekaert closed the seventh tranche of the buyback program on 11 October 2023. In total, between 28 July 2023 and 11 October 2023, the company repurchased 699 463 ordinary shares for an aggregate consideration of € 30 million. Under the first seven tranches of the buyback program the company repurchased 5 522 266 ordinary shares for an aggregate consideration of € 202.8 million.
Bekaert announces today that it will start the eighth tranche of its buyback program, for a total maximum consideration of up to € 30 million (the Eighth Tranche), on 17 November 2023. It is intended that, subject to market conditions, the Eighth Tranche will be completed prior to the release of the 2023 full year results, scheduled for 1 March 2024.
Bekaert has appointed Kepler Cheuvreux SA as independent intermediary to repurchase the shares on its behalf and to make trading decisions under the Eighth Tranche independently of Bekaert.
As announced previously, the purpose of the buyback program is to reduce the issued share capital of the company and all shares repurchased as part of this arrangement will be cancelled. So far, 4 600 889 treasury shares were cancelled.
During the Eighth Tranche, Bekaert will regularly publish press releases with updates on the progress made, as required by law. This information will also be available on the investor relations pages of our website.