Share buyback program
The initial share buyback agreement signed by Safran (Euronext Paris: SAF) and communicated on September 17, 2019 with an investment service provider was amended today.
Under this amendment:
- The maximum maturity date is now scheduled on December 31, 2019,
- The maximum value worth of shares becomes Euro 450 million on the maximum maturity date at the latest,
- In addition to the cancellation purpose in the frame of the Euro 2.3 billion ordinary share buyback program, a second purpose is added to this program: allocation or sale to the employees and/or certain corporate officers, notably in connection with a profit-sharing plan, free share grants or the Group employee savings plan.
The other terms and conditions established by this agreement remained the same, notably the unit price may not exceed the maximum of Euro 155 per share set by the May 23, 2019 shareholders’ meeting.
Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 92,000 employees and sales of 21 billion euros in 2018. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of around 1.5 billion euros in 2018.
Safran is listed on the Euronext Paris stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices.
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