NSRGY Nestle SA (PK)

   By Joshua Kirby 
 

Nestle SA said late Thursday that it has canceled an existing share buyback ahead of a new program of up to 20 billion Swiss francs ($21.9 billion) due to begin next week.

Under the terminated program, set out in January 2020 and also aiming for CHF20 billion in repurchased shares, the Swiss consumer-goods giant bought just over 123 million shares for around CHF13.06 billion. Slightly fewer than 72 million have been canceled, and a decision will be made at the 2022 general meeting of shareholders on whether also to cancel the remaining roughly 51 million shares, Nestle said.

As set out earlier this month, the canceled program is to be replaced by the new buyback starting on Jan. 3. The program is expected to be completed by the end of 2024, and could be adjusted in case of any major acquisitions, Nestle said at the time.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

December 31, 2021 01:56 ET (06:56 GMT)

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