Fonterra Co-operative Group Limited has announced details of its share buyback programme for up to $50 million of shares.
The buyback period will commence on 18 August 2023 and is expected to continue until 13 August 2024, with a maximum of 77 million shares to be acquired.
The primary purpose of the buyback is to be value accretive, and any decision to buy back shares will be considered alongside Fonterra’s other discretionary investment opportunities.
Shares bought back will be cancelled upon acquisition, and the number of shares purchased and the average price will be notified to the NZX and ASX on the business day following the date on which those shares are bought back.
Fonterra reserves the right to suspend or terminate the buyback programme at any time.
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