Danish healthcare giant Novo Nordisk A/S (NVO) said Friday that as part of of its on-going share repurchase programme of up to 14.0 billion krones to be executed during a 12-month period beginning January 31 2013, a new buyback program has been initiated in accordance with the provisions of the European Commission.
The purpose of the programme is reduction of Novo Nordisk's share capital, the company said. Pertinently, Novo Nordisk has appointed Skandinaviska Enskilda Banken, Denmark, as lead manager to execute the program independently.
Skandinaviska Enskilda Banken, Denmark, will repurchase shares on behalf of Novo Nordisk for an amount of up to 3.0 billion krones during the trading period starting May 6 and ending on August 6 2013.
A maximum of 123,167 shares can be bought during one single trading day, equal to 20 percent of the average daily trading volume of Novo Nordisk B shares on NASDAQ OMX Copenhagen during the month of April 2013, and a maximum of about 7.76 million shares in total can be bought during the trading period, the company said.
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