Vestas kicks off EUR-600m share buyback programme

The board of Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) has approved launching a programme to repurchase up to DKK 4.46 billion (USD 703m/EUR 600m) company shares.

Vestas said in a statement today that with this move it seeks to adjust its capital structure and meet obligations arising from share-based incentive programmes to company employees.

The plan is to buy back no more than 18.85 million shares, corresponding to 8.75% of the company’s share capital. The share repurchase programme starts today and will run through December 29, 2017. Nordea has been appointed as lead manager.

Together with the programme carried out earlier in 2017, this year’s share buy-backs will amount to EUR 700 million (USD 821m), Vestas noted. The company holds 2.7 million treasury shares, equal to 1.25% of the share capital, prior to the latest programme.

(DKK 1.0 = USD 0.157/EUR 0.134)

(EUR 1.0 = USD 1.172)

Choose your newsletter by Renewables Now. Join for free!