By Giulia Petroni
BMW AG said Thursday that it will launch a share buyback program of up to 2 billion euros ($2.09 billion) and reduce its share capital.
The German car maker said the buyback is set to begin in July and end no later than December 2023. Repurchased shares will largely be canceled, reducing share capital accordingly.
The program was approved at the company's annual general meeting in May, which authorized a buyback of up to 10% of the share capital within a period of five years, BMW said.
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(END) Dow Jones Newswires