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Germany’s Brenntag considers 5% share buyback -Bloomberg News
March 6 (Reuters) – German chemicals distributor Brenntag SE (BNRGn.DE) is considering buying back at least 5% of its shares in a move to boost returns for shareholders, Bloomberg News reported on Monday, citing unnamed sources.
Brenntag may announce a share repurchase in the next few days with the release of its annual report, the report said, adding that the exact size of the repurchase is likely to be in the high hundreds of millions of euros.
Brenntag declined to comment on the report.
The reported buy-back move comes at a time when the company is being urged by activist investors Engine Capital and PrimeStone to break up and spin off its specialties unit and launch a share buyback programme.
The chemicals distributor, which recently dropped its bid for U.S. based rival Univar Solutions (UNVR.N), has also been informally debating the merits of a breakup, however executives are not yet studying the potential move in a more serious way according to the Bloomberg report.
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Reporting by Akanksha Khushi in Bengaluru
Editing by David Goodman and Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles.
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