(Alliance News) - Reckitt Benckiser Group PLC on Wednesday confirms the successful completion of the first tranche of its GBP1 billion share buyback programme, and said it has brought back GBP250 million in shares.
Reckitt Benckiser is a Slough, England-based health, hygiene and nutrition consumer products company.
Under the first tranche, which took place between October 30 and January 30, the company has purchased 4.6 million ordinary shares of 10 pence each at an average price of GBP54.56, which it said are now held in treasury.
In line with this, the company has confirmed that the second tranche of the programme to return a further GBP250 million to shareholders will begin on Thursday, and will end on or before May 10. The purpose of the second tranche is to reduce its share capital, Reckitt Benckiser said.
The first tranche was run by Morgan Stanley and the second will be handled by Merrill Lynch International.
Shares in Reckitt Benckiser were up 0.7% at 5,730.00 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Reckitt (RKT)