Shell Starts To Buy Back $6 Bln Of Shares

Shell plc (SHEL), on Thursday announced the commencement of a $6 billion share buyback program, covering a contract term of about three months.

The company has entered into an arrangement with a single broker for the purchase of ordinary shares on both London market exchanges and Netherlands exchanges for a period up to and including October 21, 2022.

The maximum consideration under the London contracts is $3.6 billion and that under the Netherlands contract is $2.4 billion.

The maximum number of shares for repurchase is 758 million.

The program is expected to be completed prior to the company's third quarter results announcement, scheduled for October 27, 2022.

Shares of Shell closed trading at $51.42, up $1.36 or 2.72 percent from the previous close.

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