At the start first tranche of the program buyback 2022 of Unicredit. The transaction involves up to 230 million shares for a total of approximately €2,34 billion. The second of around 1 billion, expected in the second half of 2023, will start shortly after the completion of the first (indicatively by June 2023). This is what was communicated by the company in implementation of the authorization by theshareholders' meeting which was held on Friday 31 March 2023. With the green light for the first tranche, in Piazza Affari the title of Unicredit gains 2,3% at 17 euros per share.
The bank in Piazza Gae Aulenti has already received the authorization from the ECB for the repurchase of treasury shares for a maximum of 3,343 billion, which the institute intends to carry out in two tranches. For the purposes of executing the first tranche of the share buyback programme, Unicredit has appointed Bnp Paribas Exane as an authorized third-party intermediary, who will make decisions regarding purchases in complete independence, also in relation to the timing of the transactions and in compliance with the daily price and volume limits and the terms of the programme. Once the plan has been implemented, as established by the shareholders' resolution, the actions acquired will come canceled.
Unicredit: details of the first buyback tranche
As illustrated in the company's press release, the characteristics of the first tranche of the plan are:
- Purpose e mode of purchases: the implementation will take place following the purposes set out in art. 5, paragraph 2, lett. a) of Regulation (EU) 596/2014 (the "MAR") and individual purchases must be made in compliance with art. 132 of the TUF, art. 144-bis, paragraph 1, letter b), of Consob Regulation no. 11971/99, as well as in compliance with art. 5 of the MAR and the Delegated Regulation (EU) 2016/1052.
- Maximum amount in allocated cash e number maximum actions to be purchased: the purchase deeds will be carried out, even in part and/or in fractions, for a total maximum disbursement of 2,34 billion euros and, in any case, not exceeding 230 million Unicredit shares, equal to approximately 12% of the bank's share capital.
- The purchases will start immediately and, according to forecasts, could end within the month of June 2023.
- Purchases must be made in accordance with the limits established by Delegated Regulation (EU) 2016/1052, it being understood that the purchase price cannot decrease or increase by more than 10% with respect to the official price that the Unicredit share will have recorded in the session of Euronext Milan, organized and managed by Borsa Italiana, on the day prior to the completion of each individual purchase transaction.
- The purchases will be made on theEuronext Milan, organized and managed by Borsa Italiana.
