Daimler completes first tranche of share buyback program
Muamer Hodzic December 11, 2007
Daimler AG today completed the first tranche of the share buyback program that started this August.
Based on the authorization granted by the Shareholders’ Meeting of April 4, 2007, Daimler has so far bought back 49,960,000 shares for a total amount of approximately €3.48 billion. This represents 4.73% of the 1,055.8 million shares outstanding at the beginning of the buyback program. The average price of the shares bought back was €69.66.
By the end of September, already 13.235 million shares had been redeemed. The remaining 36.725 million shares will be redeemed by the end of this year.
As announced in August 2007, the share buyback program will be continued following the approval of the annual financial statements of Daimler AG by the Board of Management and the Supervisory Board at the end of February 2008, provided that profitability is in line with expectations for full-year 2007. Additional shares in a total amount of up to approximately €4 billion are to be bought back by the end of August 2008. In total, therefore up to10% of the outstanding shares will be bought back for up to €7.5 billion.
