German construction group Hochtief has announced the launch of a share buyback of up to 3.47 million shares. The shares, with a value of around EUR 140 mln, will be bought by the company's pension fund, Hochtief Pension Trust. The share buyback programme was first approved during a meeting in May this year, the company said in a statement.
German construction group Hochtief has announced the launch of a share buyback of up to 3.47 million shares. The shares, with a value of around EUR 140 mln, will be bought by the company's pension fund, Hochtief Pension Trust. The share buyback programme was first approved during a meeting in May this year, the company said in a statement.
According to the plan, Hochtief will buy shares of up to 10% of the company's share capital until November 7, 2009. The purchase price per share may not be 10 % above or below the average closing price of Hochtief shares on the last 10 stock market trading days.
