Ahold Delhaize today commences the €1 billion share buyback program announced on Nov. 9, 2022 and expects to complete the program before the end of 2023.
Maintaining a balanced approach between funding growth in key channels and returning excess liquidity to shareholders is part of Ahold Delhaize’s financial framework to support its Leading Together strategy. The purpose of the program is to reduce the capital of Ahold Delhaize, by cancelling all or part of the common shares acquired through the program.
The program will be executed within the limits of relevant laws and regulations, the existing authority granted at Ahold Delhaize’s 2022 annual general meeting of shareholders on April 13, 2022 and the authority (if granted) by the annual general meeting on April 12, 2023.
The share buyback program is executed in one or several tranches. For each of them, an intermediary is mandated to execute the purchase of the shares at his own discretions during open and closed periods in compliance with the Market Abuse Regulation (“MAR”) and within pre-defined execution parameters. Shares are bought in the market and accumulated on the treasury share account until cancellation. Pursuant to the relevant statutory provisions, cancellation may not be affected earlier than two months after a resolution to cancel shares is adopted and publicly announced. Ahold Delhaize is committed to the share buyback program, but the program is subject to changes in corporate activities, such as but not limited to material M&A activity.
Ahold Delhaize will provide regular updates on the progress of the program by means of press releases.