STMicroelectronics To Buy Back Up To $750 Mln Shares

(RTTNews) - STMicroelectronics NV (STM), a semiconductor company, announced Monday the launch of a share buy-back program of up to $750 million to be executed within a 3 year period.

The share buy-back program will be carried out in accordance with the authorisation of the Supervisory Board and the provisions of the Market Abuse Regulation and Commission Delegated Regulation.

The Company intends to carry out the buy-back program, and hold the shares bought back as Treasury Stock, for the purpose of meeting the Company's obligations in relation to its employee stock award plans.

As of October 31, 2018, the Company holds approximately 8.6 million Treasury Shares, representing approximately 0.9 percent of its issued share capital.

The company said it will appoint one or more brokers to execute the share buy-back program in accordance with all applicable regulations.

The closing share price on the New York Stock Exchange on November 2 was $15.81 and, at such price, the maximum number of shares that could be acquired for $750 million would be approximately 47 million, which represents approximately 5.2 percent of the Company's issued share capital.