Unilever Plc (ULVR.L, UL), a leading consumer goods company, announced on Friday the launch of its share buyback program, which will encompass up to €1.5 billion.
The buyback initiative, originally disclosed in February alongside Unilever's fiscal 2023 results, aims to repurchase shares totaling an aggregate market value of up to €850 million in its first tranche. This tranche will consist exclusively of Unilever PLC ordinary shares.
Starting today and set to conclude by August 30, the first tranche is part of the company's strategy to reduce the capital of Unilever PLC. This initiative operates within the parameters authorized by the Board of Unilever PLC at its general meeting on May 1, which allows for the repurchase of a maximum of 250.20 million shares.
For the execution of this tranche, Unilever has enlisted Goldman Sachs International under non-discretionary instructions to handle the share buyback and make the necessary trading decisions on its behalf.