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Arkema Has Completed Its €300 Million Share Buyback Program
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Arkema has executed a share buyback program, repurchasing 2,726,829 shares for €300 million between May 21, 2021 and November 24, 2021. Of these, 276,394 shares totaling €30 million are designated for employee share plans, while 2,450,435 shares will be cancelled in Q1 2022. This strategic move is part of Arkema's commitment to enhancing shareholder value as it transitions to a focus on Specialty Materials, which accounted for 82% of sales in 2020.
Positive
Share buyback of €300 million enhances shareholder value.
Reduction of 2,450,435 shares expected to increase earnings per share (EPS).
Between 21 May 2021 and 24 November 2021, Arkema (Paris:AKE)bought back 2,726,829 shares for a total amount of €300 million.
As announced by the Group at the launch of the program:
276,394 shares, for an amount of €30 million, have been allocated to the implementation of performance share plans or employee shareholding operations; and
2,450,435 shares, for an amount of €270 million, will be cancelled in the first quarter of 2022.
Press releases relating to the share buybacks are available on the Company's website www.arkema.com.
Building on its unique set of expertise in materials science, Arkema offers a portfolio of first-class technologies to address ever-growing demand for new and sustainable materials. With the ambition to become in 2024 a pure player in Specialty Materials, the Group is structured into 3 complementary, resilient and highly innovative segments dedicated to Specialty Materials -Adhesive solutions, Advanced Materials, and Coating Solutions- accounting for some 82% of Group sales in 2020, and a well-positioned and competitive Intermediates segment. Arkema offers cutting-edge technological solutions to meet the challenges of, among other things, new energies, access to water, recycling, urbanization and mobility, and fosters a permanent dialogue with all its stakeholders. The Group reported sales of around €8 billion in 2020, and operates in some 55 countries with 20,600 employees worldwide.
