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Vestas kicks off programme to buy back up to USD 222m of shares

Vestas wind turbines. Author: Siebe Schootstra.

November 7 (Renewables Now) - Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) announced today that its board of directors has decided to launch a share repurchase programme of up to DKK 1.5 billion (USD 222.4m/EUR 200.8m).

The share buy-back programme starts today and will be executed through December 2019. Its purpose is to adjust Vestas’ capital structure and to meet obligations arising from share-based incentive programmes to company staff.

Vestas noted that as part of the programme it cannot purchase more than 18,633,606 shares, corresponding to 9.4% of its share capital. SEB has been appointed as lead manager.

Also today, Vestas posted a 70% year-on-year surge in third-quarter net profit to EUR 303 million (USD 336m), with revenue rising 30%.

(DKK 1.0 = USD 0.148/EUR 0.134)

(EUR 1.0 = USD 1.108)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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