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(Alliance News) - Diageo PLC on Monday said it is starting the third phase of its GBP4.5 billion capital return program, after having returned GBP2.25 billion in the first two phases.
The London-based brewer and distiller completed the first phase of the programme on January 31, 2020. It saw over GBP1.25 billion returned to shareholders.
The second phase of the company's programme ended on February 11 and brought the total value of repurchased shares to GBP2.25 billion.
Diageo's third phase will be run by the London branch of UBS Group AG. It will enable the buyback of shares with a total value of GBP1.7 billion.
The purpose of the repurchases is to reduce its share capital, Diageo explained. All shares repurchased under this agreement will be cancelled.
Shares in Diageo were up 0.6% at 3,682.00 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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