Zurich, March 13 (BNA): Novartis has officially launched its new share buyback program in which it can spend up to CHF10 billion ($10.90 billion) to buy back its shares over the next three years.
The Swiss company said it would buy a maximum of 10% of its shares during the period from its last annual general meeting, according to Reuters.
Novartis said capital reductions for registered shares repurchased under the plan would be proposed at upcoming general assembly meetings.
Shareholders agreed to renew the remaining 6.5 billion franc buyback authorization at last week’s Ordinary General Meeting.
The amount was exceeded up to 10 billion francs in total.
Novartis has just completed a repurchase of 213 million of its shares between March 2020 and March 10th.
NAA