Greif climbs on $150 mln share buyback plan

Greif

23/06/2022 15:04

** Shares of packaging products co Greif Inc  GEF.N  up 5.3%
at $61.82 on $150 mln share buyback plan
    ** If current levels hold, stock will erase losses taken
over the last six sessions
    ** GEF has a market cap of $2.9 bln, according to Refinitiv
data
    ** Co says half of the shares will be repurchased via an
accelerated share repurchase (ASR) program with Bank of America
and the other half on the open market  urn:newsml:reuters.com:*:nPn9tbLCGa
    ** GEF says its ASR will end by the first quarter of 2023
and open market repurchases will be executed over the next 12 to
18 months
    ** ASR is a strategy under which companies can quickly buy
back its shares with an investment bank acting as an
intermediary
    ** GEF stock is up nearly 1% YTD
    

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))