WPP To Launch Buyback Of Up To GBP150 Million To Trim Share Capital

Fri, 28th Feb 2020 18:40

(Alliance News) - WPP PLC on Friday announced a repurchase programme of up to GBP150 million worth of stock, conducted by Goldman Sachs Group Inc, as the advertising firm looks to reduce its share capital.

The company said the scheme will begin "shortly after February 28".

WPP said the shares will be bought by Goldman Sachs, then "simultaneously on-sold" to WPP.

WPP, as granted by its shareholders in June, has a the right to purchase up to 126.2 million shares.

Shares in the company closed 1.2% lower at 752.80 pence each in London on Friday.

By Eric Cunha; ericcunha@alliancenews.com

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