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LONDON - Coca-Cola Europacific Partners plc (LSE:CCEP) reported that while all resolutions passed at its May 22 Annual General Meeting, the Rule 9 Waiver Resolution received lower support with 74.95% of votes cast in favor.
The Rule 9 Waiver Resolution would have exempted Olive Partners, S.A. from making a mandatory takeover offer if their percentage ownership increased as a result of the company’s share buyback program. Without this waiver, the company’s ability to conduct share repurchases would be limited.
The company noted that related share buyback authorization resolutions received strong support, with approval rates of 99.22% and 98.22% respectively. These authorizations are critical to CCEP’s €1 billion share buyback program announced in February 2025.
Following the AGM, the company has engaged with shareholders to address concerns regarding the Rule 9 Waiver Resolution. The board stated it considers share buybacks "an attractive means of returning capital to shareholders" and a "core component" of its capital allocation framework.
While acknowledging shareholder concerns about Rule 9 waivers in buyback contexts, the board indicated it continues to evaluate alternative methods for returning capital to shareholders.
Coca-Cola Europacific Partners operates across 31 countries, serving nearly 600 million consumers. The company is listed on multiple exchanges including Euronext Amsterdam, NASDAQ, London Stock Exchange and Spanish Stock Exchanges.
This information is based on a press release statement issued by the company.
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