Safran intents to implement a €2.3 billion ordinary share buyback program to run over the two years following completion of the tender offer for Zodiac Aerospace shares. To date, Safran already contributed 14.5 million shares to its program for a total of €1.6 billion euros.
On May 27, Safran has entered into an agreement with an investment service provider for a follow-on repurchase tranche. According to this agreement, Safran will acquire up to €150 million worth of ordinary shares no later than June 28, 2019. The average price per share will be determined based on the mean volume-weighted market price observed during the entire duration of the agreement. The unit price may not exceed the maximum of €155 per share set by the May 23, 2019 shareholders’ meeting.
