Final phase of £1bn share buyback programme to start at health and hygiene group
Hull-based health, hygiene and home produce company, Reckitt Benckiser Group has today – 27 March – confirmed it intends to begin a third and final tranche of a £1bn share buyback programme.
It first unveiled this programme in 25 October 2023, to reduce the share capital of the company.
On 30 October 2023, the group confirmed the start of the first tranche of this programme to return up to £250m of capital to shareholders, which completed on 30 January 2024.
On 31 January 2024, Reckitt revealed the beginning of the second tranche of the programme as of 1 February 2024 to return up to a further £250m of capital to shareholders.
It says the third tranche will return a further up to £500m of capital to shareholders. It will start two days after the completion of the second tranche (anticipated to be during April 2024) and the third tranche is anticipated to end during July 2024.
The group has issued an instruction to Morgan Stanley to manage the third tranche.
A Reckitt spokesman said: “The acceleration of our share buyback programme reflects the Board’s confidence in the continued strong free cashflow generation of Reckitt and its framework for enduring value creation, as set out in the strategic update in October last year.”
