By Joshua Kirby
Davide Campari-Milano NV said Monday that it is launching a share-buyback program to meet stock-option plans held by employees and board members.
The Italian drinks group said the buyback will have a maximum value of 100 million euros ($121.9 million), corresponding to a maximum 13,500 shares. The buyback starts Monday and will end no later than March 31.
The buyback is intended to meet share-option programs currently in force or to be adopted by Campari employees or other members of the management and administrative boards, the company said.
An amount deriving from any outperformance in the purchase cost of the shares will be allocated to a project involving the installation of photovoltaic panels at Campari’s main plant at Novi Ligure, Italy. This stipulation is in line with the company’s energy-efficiency and decarbonization agenda, Campari said.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
View more information: https://www.marketwatch.com/story/campari-launches-share-buyback-of-up-to-eur100-mln-271622443429