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Investing.com -- Endesa (BME:ELE), the Spanish utility company, has announced a plan to buy back up to $2.15 billion of its shares in several tranches by the end of 2027.
Shares rose 1.4% at the open.
The company’s board of directors approved the buyback plan late Wednesday.
Endesa is set to launch the first two tranches of the buyback. The first tranche, which will begin on Friday, involves up to 17.3 million euros of shares and is expected to be completed by April 14.
The second tranche, worth up to 500 million euros, is scheduled to start following a shareholders’ meeting set for April 29.
Endesa stated that the buyback will not impact the company’s dividend policy or its strategic plan for 2025 to 2027.
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