Linde Announces New $5 Billion Share Repurchase Program

Rhea-AI Summary

Linde plc (NYSE:LIN) announced a new share repurchase program authorizing up to US$5 billion for its ordinary shares. This program replaces the previous US$6 billion program, expiring on February 1, 2021. CEO Steve Angel emphasized the importance of this move for rewarding shareholders, as Linde has maintained a strong balance sheet and generated surplus cash through operations. The Board established a buyback limit of 15% of outstanding shares and set the expiration date for July 31, 2023.

Positive

• Authorization of a US$5 billion share repurchase program boosts shareholder value.
• The previous US$6 billion program indicates consistent commitment to returning capital to shareholders.
• Linde's strong balance sheet supports sustainable cash generation and dividend growth.

Negative

• None.

GUILDFORD, UK / ACCESSWIRE / January 25, 2021 / Linde plc (NYSE:LIN)(FSE:LIN) today announced its Board of Directors has authorized a new share repurchase program for up to US$5.0 billion of Linde's ordinary shares. This new program will replace the existing US$6.0 billion share repurchase program that was authorized on January 22, 2019 and expires on February 1, 2021.

"After maintaining a strong balance sheet, investing in quality growth opportunities and paying and annually increasing the dividend, Linde continues to generate surplus cash," said Chief Executive Officer Steve Angel. "Today's announcement of a new US$ 5 billion stock repurchase program is an opportunity for us to reward shareholders with this surplus."

Pursuant to European Market Abuse Regulation (MAR) requirements, this new share repurchase program must set forth a maximum share capital repurchase amount and an expiration date, which the Board has set at 15% of outstanding shares and July 31, 2023, respectively.

About Linde
Linde is a leading global industrial gases and engineering company with 2019 sales of $28 billion (€25 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet.

The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.

For more information about the company and its products and services, please visit www.linde.com.

Contacts:
Investor Relations
Juan Pelaez
Phone: +1 203 837 2213
Email: juan.pelaez@linde.com

Media Relations
Anna Davies
Phone: +44 1483 244705
Email: anna.davies@linde.com

SOURCE: Linde plc

View source version on accesswire.com:
https://www.accesswire.com/625786/Linde-Announces-New-5-Billion-Share-Repurchase-Program

FAQ

What is the new share repurchase program amount for Linde (LIN)?

Linde's new share repurchase program is authorized for up to US$5 billion.

When does Linde's new share repurchase program expire?

The expiration date for the new share repurchase program is set for July 31, 2023.

What percentage of outstanding shares can Linde repurchase?

Linde's Board has set a maximum repurchase amount at 15% of outstanding shares.

Why has Linde initiated a new share repurchase program?

Linde initiated this buyback program to reward shareholders with its generated surplus cash.

How does the new share repurchase program affect Linde's stock price?

The buyback program is expected to positively impact Linde's stock price by enhancing shareholder value.