ROLLS-ROYCE announced £1bn share buyback

Rolls-Royce committed to a share buyback of £1bn subject to the completion of the sale of its Energy gas turbine and compressor business to Siemens. The sale announced on 6 May this year, is expected to complete by the end of 2014. As no material acquisitions are planned, and reflecting the strength of the balance sheet, they will return the proceeds of the Energy sale to there shareholders. This announcement coincides with an investor briefing at which Rolls-Royce will provide an update on Group strategy, capital allocation, financial guidance framework and TotalCare accounting.