ArcelorMittal announces closing of its first share buyback program and commencement of a second program
ArcelorMittal has successfully completed its share buyback program, repurchasing 27,113,321 shares for approximately €536.57 million (US$649.99 million), at an average price of €19.79.
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Rhea-AI Summary
ArcelorMittal has successfully completed its share buyback program, repurchasing 27,113,321 shares for approximately €536.57 million (US$649.99 million), at an average price of €19.79. A new buyback program has been initiated today, totaling US$570 million, aligned with the company's capital returns policy. This program aims to meet obligations under equity-related debt and to reduce share capital, expected to conclude by 31 December 2021. The Significant Shareholder will sell an equivalent number of shares daily to maintain voting rights.
Positive
- Completion of the previous buyback program enhances shareholder value.
- Initiation of a new buyback program worth US$570 million reflects strong capital management.
Negative
- None.
Details
News Market Reaction – MT
The recorded move for MT in the trading session of this news was -5.30%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
04 March 2021 17:35 CET
ArcelorMittal today announces that it has completed the share buyback program announced on 15 February 2021 under the authorization given by the annual general meeting of shareholders of 13 June 2020 (the ‘AGM Authorization’). By market close on 3 March 2021, ArcelorMittal had repurchased 27,113,321 million shares for a total value of approximately
As also announced on 15 February 2021, ArcelorMittal will today commence a second share buyback program (the ‘Program’) for an aggregate amount of US
The shares acquired under the Program are intended:
- to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or;
- to reduce its share capital.
ArcelorMittal intends to repurchase shares for an aggregate maximum amount of US
[1] The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of
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