(AOF) – Verallia has decided to launch a share buyback program and has entrusted an investment services provider with a share buyback mandate for a maximum amount of 50 million euros, over a period beginning on December 7, 2022 and ending in November 2023. The French company specializing in packaging for beverages and food products intends to cancel all the shares thus repurchased. This share buyback program is part of the delegation granted by the General Meeting of Shareholders of May 11, 2022 under the 16th resolution.
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Double punishment for the sector
The French Building Federation (FFB) recently warned of the collapse of the new housing market. Over the first eight months of 2022, sales of the new home market in the diffuse sector collapsed by 26.8% over one year. As for sales of new homes in the grouped sector, sales to individuals fell by 17.3% over one year in the first half, while sales to institutions fell by 23%. The trend is the same for the sale of collective housing, down 9.8%.
These bad trends are accompanied by a decline in public investment, while repayments of PGE begin. Due to a lack of visibility, local authorities prefer to suspend certain projects. They also have to face a drop in their resources and a significant increase in the cost of energy and works. However, the most significant investments are generally made during the third and fourth years of the local authorities’ mandate, that is to say in 2023 and 2024. This therefore represents a significant shortfall for the sector.