Italian energy firm Eni said on Friday that it plans to launch a new share buyback programme.
Eni said its board of director resolved to submit a proposal to the shareholders' meeting of May 15, 2024, called in ordinary session, to authorize the purchase of treasury shares for a period up to the end of April 2025 aimed at remunerating shareholders and implementing employee stock ownership plan.
Eni intends to launch the new buyback programme in 2024 for an amount of €1.1 billion ($1.2 billion). This amount may be increased up to a total maximum of €3.5 billion, in case of upside scenarios of the cash flow from operations.
Eni's board approved a final dividend for 2023 of €0.23 per share. It will be paid on May 22, 2024. Holders of American depositary receipts (ADRs), outstanding at the record date of May 21, 2024, will receive €0.46 per ADR, payable on June 7, 2024, with each ADR listed on the New York Stock Exchange representing two Eni shares.
In addition, Eni said its board approved the possible issue of one or more bonds, to be placed with institutional investors, with a value up to a maximum aggregate amount of €5 billion, or its equivalent in other currencies, to be issued in one or more tranches by March 31, 2026.
The company noted that the bonds, if issued, will enable the company to maintain a well-balanced financial structure and will be used for general corporate purposes.
The bonds may be listed on one or more regulated markets.