"We can conclude the share buyback ahead of schedule now that the limit has been reached," stated Covestro's CFO Dr. Thomas Toepfer. "The objective of the share buyback program was to create value for our shareholders. This remains our priority. In view of Covestro's sustained strong financial position, we therefore aim to lay the foundations for potential further buybacks."
The Board of Management plans to propose a new authorization to acquire treasury shares at an amount of up to 10% of the capital stock to the coming Annual General Meeting. The German Stock Corporation Act (AktG) requires such an authorization so that a decision can be taken on potential further share buybacks in the future. Renewal of this authorization to repurchase shares up to the amount permissible under the law will cancel the existing authorization, which was the foundation for the now concluded share buyback program.
Following the conclusion of the current program, the Board of Management has also decided to retire the acquired 19.5 million treasury shares and thus reduce the capital stock by EUR 19.5 million. In future, Covestro AG's capital stock will be EUR 183 million, divided into 183 million bearer shares.
With 2017 sales of EUR 14.1 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017.
Find more information at www.covestro.com.