(Alliance News) - Shareholders of Azimut Holding Spa, on the day last year's financial statements were approved, gave the board of directors the okay to start a EUR560.0 million buyback program.

The maximum number of shares that can be purchased is 14.0 million, and for each of them the company will not be able to spend more than EUR40. Of these shares, 7.0 million -- or 4.9 percent of the company's share capital -- may be allocated to the establishment of a securities portfolio.

Azimut Holding's stock is down 0.7 percent at EUR24.57 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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