STMicroelectronics Launches Share Buy-Back Program up to $750Mn

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STMicroelectronics holds approximately 8.6 million Treasury Shares, representing approximately 0.9 percent of its issued share capital

STMicroelectronics has announced the launch of a share buy-back program up to $750 million to be executed within a 3 year period, subject to shareholder and other approvals from time to time.

With the authorisation of Supervisory Board and the provisions of the Market Abuse Regulation (EU) 596/2014 and Commission Delegated Regulation (EU) 2016/1052, the buy back program will be carried out.

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STMicroelectronics will proceed with the buy-back program, and will hold the shares bought back as Treasury Stock, to meet the Company’s obligations in relation to its employee stock award plans. As of October 31, 2018, the Company holds approximately 8.6 million Treasury Shares, representing approximately 0.9 percent of its issued share capital.

One more broker will be appointed by the Company to execute the share buy-back program according to all applicable regulations. The broker will act independently, including with respect to the timing of any purchases, and all purchases effected will be in compliance with daily limits on prices and volumes.

Closing share price of the Company on the New York Stock Exchange on November 2, 2018, was $15.81. At this price approximately 47 million of shares can be acquired for $750 million, which is nearly 5.2 percent of the Company’s issued share capital.

The price paid for any share purchased pursuant to the share buy-back program shall be subject to:

  • a minimum of €1.04 per share;
  • a maximum of 110 percent of the average of the highest price at which the shares are quoted on each of the five trading days prior to the date of the relevant purchase, on each of the regulated market of Euronext Paris, the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A. and New York Stock Exchange; and
  • a maximum of the greater of the price of (i) the last independent trade and (ii) the highest current independent purchase bid on the trading venue where the purchase is carried out; and
  • all other applicable rules

Share purchase will be made on one or more trading venues, which may include the regulated market of Euronext Paris, the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A. and the New York Stock Exchange.

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About STMicroelectronics

ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics. ST’s products are enables smart driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices.

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