(CercleFinance.com) – Diageo today announces the start of the fourth and final phase of its previously announced Return Of Capital (ROC) program of up to £4.5bn to shareholders, which will be completed in FY23.
Under the first three phases of the ROC program (completed in January 2020, February 2022 and October 2022 respectively), Diageo bought back £3.86bn of shares.
The firm announces today that it has entered into a non-discretionary agreement with Merrill Lynch International (MLI) to allow the company to repurchase shares with a total value of up to approximately £0.64bn.
This agreement will start on November 1, 2022 and end no later than February 24, 2023. The purpose of the buyouts is to reduce Diageo’s share capital. All shares repurchased under this agreement will be cancelled.
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