Mercedes Benz launches new share buyback

Baic Motor

16/02/2023 17:51

BERLIN, Feb 16 (Reuters) - Mercedes Benz  MBGn.DE  said
on Thursday that it plans to buy back up to 4 billion euros 
($4.28 billion) of its shares by 2025 and that shareholders
Beijing Automotive Group and Geely have agreed to keep their
stakes in the company below 10%.
    The carmaker said it will cancel all of the shares
repurchased during the programme which will start next month. It
said Beijing Automotive Group and Geely will keep their stakes
below 10% by divesting their shares on a pro-rata basis
concurrently with the share buyback.
($1 = 0.9354 euros)
 (Reporting by Riham Alkousaa; Editing by Susan Fenton)
 ((Riham.Alkousaa@thomsonreuters.com; Twitter: @RihamKousa;))