The Board of Management of specialty chemicals company LANXESS decided to make use of the authorization granted by the stockholders’ meeting on May 20, 2016 and to acquire own shares of up to EUR 200 million (excluding incidental costs) via the stock exchange.
On the basis of the current share price (status: January 9, 2019), this would amount to around 4.9% of the share capital and would correspond to a number of approximately 4.5 million own shares, LANXESS says in a Press release.
The share buy-back, starting January 14, 2019, shall be completed on December 31, 2019 at the latest. The acquired shares shall be redeemed.
In addition, LANXESS has increased its German pension assets by EUR 200 million. The contributions for both transactions come out of the proceeds from the sale of the remaining 50 % interest in the rubber company ARLANXEO to Saudi Aramco, which brought LANXESS around EUR 1.4 billion.