Aircraft engine maker Rolls Royce (RR.L) has announced that following the successful completion of the sale of its gas turbine and compressor business to Siemens they will buyback £1Bln of shares.
Rolls Royce (RR.L) say the aim of the buyback to is to reduce the amount of issued capital in the company, the sale will be managed by Jefferies who will make trading decisions “independently of, and uninfluenced by, the company”.
The company had previously stated in June it intended to return proceeds of the energy sale to investors as it had a strong balance sheet and did not intend to make any material aquisitions.
Aircraft engine maker Rolls Royce (RR.L) has announced that following the successful completion of the sale of its gas turbine and compressor business to Siemens they will buyback £1Bln of shares.
Rolls Royce (RR.L) say the aim of the buyback to is to reduce the amount of issued capital in the company, the sale will be managed by Jefferies who will make trading decisions “independently of, and uninfluenced by, the company”.
The company had previously stated in June it intended to return proceeds of the energy sale to investors as it had a strong balance sheet and did not intend to make any material aquisitions.
The shares Rolls Royce (RR.L) buyback will be cancelled or held in tresury.
Shares in Rolls Royce (RR.L) are currently trading at 878p, up slightly on the day (2.3%).
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