Ahold Delhaize has begun the €1 billion (USD $1.1 billion) share buyback program revealed on Nov. 9, 2022, with the goal of completing the program before the end of 2023.
A balanced approach between funding growth in key channels and returning excess liquidity to shareholders is part of the retail conglomerate’s financial framework in support of its Leading Together strategy. The program aims to reduce Ahold Delhaize’s capital by canceling all or part of the common shares acquired through the program.
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The program will take place within the limits of relevant laws and regulations, the existing authority granted at Ahold Delhaize’s 2022 annual general meeting of shareholders this past April, and the authority (if granted) by the annual general meeting slated for April 12, 2023.
The share buyback program will roll out in one or several tranches. For each of them, an intermediary will be mandated to execute the purchase of the shares at his or her own discretion during open and closed periods, in compliance with the Market Abuse Regulation and within predefined execution parameters. Shares are bought in the market and accumulated on the treasury share account until cancellation. According to the relevant statutory provisions, cancellation may not occur earlier than two months after a resolution to cancel shares is adopted and publicly revealed. The program is subject to changes in corporate activities, such as, but not limited to, material M&A activity.
Ahold Delhaize will issue regular updates on the progress of the program.
Ahold Delhaize USA, a division of Zaandam, Netherlands-based Ahold Delhaize that operates more than 2,000 stores across 23 states under the Food Lion, Giant Food, The Giant Co., Hannaford, and Stop & Shop brands, as well as e-grocer FreshDirect, is No. 10 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in the United States.