Dutch financial services group Aegon Ltd. (AEG,AGN.AS) said on Monday that it is increasing its ongoing share buyback program from 200 million euros to 400 million euros, effective today, following the announcement made on August 21. Since the program began on July 1, Aegon has repurchased shares worth 87 million euros, or 43 percent of the initial program, and plans to complete the expanded program by December 15.
According to Aegon, its largest shareholder, Vereniging Aegon, will participate pro-rata in the additional 200 million euros, representing 34 million euros of the new tranche and 71 million euros in total under the program, based on its 18.4 percent voting rights. The number of shares to be repurchased will be determined using the daily volume-weighted average price on Euronext Amsterdam, the company added.
Aegon said that it has appointed a third party to carry out the transactions, which will be conducted at or below the average of the daily volume-weighted average price. All repurchased shares will be cancelled, the company added.
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