Volvo buys
20th July 2000, Page 15
20th July 2000
Page 15
Page 15, 20th July 2000
— Volvo buys
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back 100/0
of shares
• Volvo has spent about 2870m buying back nearly 10% of its own shares which were owned by investors.
The company contacted its shareholders with a commission-free offer to purchase 10% of their holdings at up to £20 per share as part of its move to acquire Renauit VI/Mack.
As many as 98% of the investors who were approached took up the offer, which means Voivo will have to go to the open market to buy the remaining few shares that it needs.
Volvo will then exchange 15% of its shares for 100% of those in Renault VVMack.