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Global Press Releases
2020-03-10
LANXESS decides to buy back shares
Share buy-back with a volume of up to 10 percent of outstanding shares respectively up to EUR 500 million
Cologne – The Management Board of LANXESS has decided on a share buy-back program. Based on the authorization granted by the Shareholders’ Meeting on May 23, 2019 own shares in a volume of up to EUR 500 million shall be acquired via the stock exchange in the next 24 months, but in accordance with the authorization no more than 10 percent of the share capital of LANXESS AG.
On the basis of the current share price (EUR 40.30 per share, status: March 9, 2020), LANXESS could buy back approximately 8.74 million own shares, or 10 percent of the share capital, for an aggregate consideration of approximately EUR 352 million. The acquired shares shall be redeemed.
The share buy-back will be split into two tranches of EUR 250 million each. The share buy-back of the first tranche is expected to start on March 12, 2020 and shall be completed within the next 12 months. On the time period for the second tranche of the buy-back program a decision will be made upon completion of the first tranche.
“With the share buy-back we are demonstrating our confidence in the strategic direction of LANXESS and will create value for our shareholders”, said Matthias Zachert, Chairman of the Board of Management of LANXESS AG.
Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.
LANXESS is a leading specialty chemicals company with sales of EUR 7.2 billion in 2018. The company currently has about 15,500 employees in 33 countries and is represented at 58 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World and Europe) and FTSE4Good.
