BMW will start a $2 billion stock buyback program in July, with most of the amount involving ordinary shares.
BERLIN -- BMW approved the launch of a share buyback program with a volume of up to 2 billion euros ($2.08 billion) set to start in July, the automaker said.
The bulk of the amount is attributed to ordinary shares - 1.85 billion euros - while the rest will be in preferred shares, BMW said in a statement on Thursday.
Most of the repurchased shares will be cancelled to reduce share capital accordingly.
The program is to be completed no later than December 31, 2023, BMW said, adding that further details would be announced before it is set to begin.(article source:Reuters)