Coca-Cola HBC to return up to €400m to shareholders, shares jump
Coca-Cola HBC AG (CDI)
2,273.00p
16:45 08/12/23
Coca-Cola HBC shot to the top of the FTSE 100 on Tuesday after announcing the launch of a share buyback programme that will see it return up to €400m to shareholders.
Beverages
22,257.73
16:29 08/12/23
FTSE 100
7,554.47
16:54 08/12/23
FTSE 350
4,157.84
16:30 08/12/23
FTSE All-Share
4,115.38
16:59 08/12/23
The buyback is expected to run for around two years.
The company said it believes the current share price undervalues its future growth opportunities.
Chief executive Zoran Bogdanovic said: "We are delivering another year of strong performance in 2023, and remain confident in our ability to deliver our medium-term financial targets and to sustain the investment necessary to build a stronger platform for future growth.
"With our cash-generative business and a strong balance sheet today, we believe that the current market weakness presents a compelling opportunity for us to deploy excess capital through a buyback programme and deliver enhanced shareholder value."
At 1120 GMT, the shares were up 4.8% at 2,189.0p.