Philips repurchases shares to meet obligations
By HME News Staff
Updated 9:35 AM CDT, Mon August 5, 2024
AMSTERDAM – Philips will repurchase shares for an amount up to EUR 125 million to cover certain obligations arising from its long-term incentive plans. At the current share price, this represents about 4.8 million shares. The repurchases will be executed through a combination of forward transactions and open-market purchases with a financial institution. Philips expects to take delivery of the forward share purchases in 2026. The open market purchases will be executed in Q3 2024 by an intermediary to allow for share purchases during both open and closed periods. All repurchases will be executed in accordance with the EU Market Abuse Regulation and within the limits of the authorization granted by the company’s General Meeting of Shareholders on May 7, 2024.
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