Covestro AG (XTRA:1COV) commences share repurchases on November 8, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 12, 2019. As per the mandate, the company is authorized to repurchase up to 10% of the company?s common stock, such that the company?s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The shares will be repurchased at a price which may neither exceed nor be lower than 10% of the price determined by the Frankfurt Stock Exchange on the trading day. The repurchased shares may be resold, transferred, retired or used to pay scrip dividends. The program will expire on April 11, 2024.
On October 20, 2021, the company announced a share repurchase program. Under the program, the company will repurchase 143,988 shares, representing 0.074% of its issued share capital for ?8 million. The sole purpose of the program is to meet obligations arising from an employee share participation program. The acquired shares will be transferred to persons employed by the company or certain affiliated companies in November 2021. The program shall be effected during the period from November 08, 2021, to November 12, 2021.