German Siemens announced on Wednesday that the company plans to buy back its shares in the company to the sum of €3 billion euros ($3.3 billion), according to an announcement on the company's website.
Siemens has started the share buyback announced on Nov. 12, 2015 and plans to buy back shares of up to €3 billion euros ($3.3 billion) until Nov.15, 2018 at the latest, the announcement read.
In addition, 31 million treasury shares will mature thus reducing the capital stock from 881 million to 850 million shares.
"With this new share buyback we ensure that our shareholders, in addition to our attractive dividend, will participate continuously in the success of the company," says Ralf P. Thomas Chief financial officer.
Authorization was granted to execute the share buyback at the annual shareholders' meeting on Jan. 27, 2015.
By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr