Adecco announces 400 million share buyback programme
Adecco announces &euro400 million share buyback programme
Adecco Group, the world’s leading provider of Human Resources solutions, today announces the launch of a share buyback programme of up to &euro400 million on a second trading line, with the aim of subsequent cancellation of the shares and reduction of the share capital. The share buyback is planned to commence around mid-July 2012.
Given Adecco’s solid financial position and strong cash flow generation, Adecco’s Board of Directors has decided to launch a share buyback programme of up to &euro400 million. This programme underlines Adecco’s commitment to manage its capital structure for the benefit of its stakeholders, without compromising the Group’s growth opportunities and financial flexibility. Adecco intends to fund the share buyback in the debt capital market and is planning to issue bonds in the near future, subject to prevailing market conditions.
The share buyback will be executed on a second trading line on the SIX Swiss Exchange. The commencement of the share buyback is planned for mid-July 2012, subject to market conditions. Repurchased shares will be cancelled after formal shareholder approval. Shares purchased on the second trading line are subject to the Swiss federal withholding tax of 35% on the difference between the buyback price of the Adecco share and its nominal value of CHF 1.00.