Intesa Sanpaolo announced the start of a share buyback programme (buyback) for a maximum of 1,7 billion euros and up to 1 billion common shares. The program, authorized by the ECB on 11 March 2024 and approved by the Intesa Sanpaolo Shareholders' Meeting on 24 April 2024, is aimed at canceling the shares purchased.
Buyback Intesa: starting on June 3rd, conclusion by October 25th
Intesa Sanpaolo's own share buyback programme will start on June 3, 2024 and it will end by 25 October 2024. The purchase, which can also take place in part or fractionally, will be managed by a fully independent third-party intermediary, respecting the terms approved by the Intesa Sanpaolo Shareholders' Meeting of 24 April 2024, which provide for the cancellation of the shares purchased by 25 October 2024.
The details of Intesa's buyback
The Intesa Sanpaolo buyback, authorized by the Shareholders' Meeting and valid until 25 October 2024, provides that the shares can be purchased at a price determined from time to time. The minimum price must not be lower than the reference price recorded in the stock market session of the previous day, decreased by 10%, while the maximum price must not exceed the reference price increased by 10%. In any case, the price will not be higher than the highest between the last independent transaction and the highest independent purchase offer on the market.
Purchase transactions can occur one or more times and the maximum daily number of shares purchased will not exceed 25% of the April 2024 average daily volume of 80,3 million shares. The purchases will be suspended during the free share allocation program to employees, scheduled for September 2024 and duly communicated to the market.
Any changes to the program will be communicated according to current regulations. The purchased shares will be canceled without reducing the nominal share capital, with the possibility of carrying out the cancellation in several stages. Intesa Sanpaolo will inform the market of the cancellation operations and update the Articles of Association with the new composition of the share capital.
