Share Buyback
In view of the high net liquidity in the industrial business as well as the good outlook for earnings and cash flows in all divisions, Daimler decided in August 2007 on a program to buy back the Company’s own shares for the purpose of cancelling those shares and started the buyback immediately. Following the structural and strategic realignment of the core business, this decision will optimize the company’s capital structure and make it more efficient.
Between August 29, 2007 and March 28, 2008, a total of 99,768,314 shares representing approx. 267 million of the share capital have been bought back. This is equivalent to nearly 10% of the share capital. A total amount of approximately €6.2 billion has been applied for this purpose. These shares were cancelled in three tranches, the last cancellation was executed by midnight of April 3, 2008.
The share buyback was managed by a bank that made its decisions on the timing of each share purchase independently and without being influenced by the company.
At the Annual Meeting on April 9, 2008, the shareholders granted the Board of Management new authorization to acquire additional shares in a volume of up to 10% of the existing share capital. The authorization remains in force until October 9, 2009. Decisions about further steps for the optimization of the capital structure will be taken depending on the development of Daimler's cash flows and net liquidity as well as developments in the capital markets.
The table below shows the development of the share buy back program:
|
Period |
No. of Shares Acquired |
Average Price (EUR) |
Purchased Volume (EUR) |
|
Total |
99,768,314 |
62.11 |
6,196,752,952.16 |
|
March, 2008 |
27,622,866 |
53.62 |
1,481,249,244.31 |
|
February 2008 |
22,185,448 |
55.69 |
1,235,524,406.33 |
|
December 2007 |
4,384,000 |
69.10 |
302,953,032.70 |
|
November 2007 |
16,366,000 |
69.05 |
1,130,005,849.60 |
|
October 2007 |
13,445,000 |
74.29 |
998,821,360.14 |
|
September 2007 |
14,390,000 |
66.72 |
960,165,710.94 |
|
August 2007 |
1,375,000 |
64.02 |
88,033,348.15 |
The figures on a day to day basis are provided here:
|
Date |
No. of shares cancelled |
|
|
in total |
99,768,314 |
|
|
March 28, 2008 |
49,808,314 |
|
|
in total, 2007 |
49,960,000 |
|
|
Dec 20, 2007 |
36,725,000 |
|
|
Sep 29, 2007 |
13,235,000 |
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