Philips Healthcare parent Royal Philips announced it completed the cancellation of 24.2 million of its shares, as part of its 1.5 billion euro ($1.7 billion U.S.) share repurchase program, which started in the third quarter of 2017.
The canceled shares were acquired during the period up to and including November 23.
Under this share repurchase program, which is being executed over a two-year period, Philips also entered into forward transactions with a number of financial institutions to be settled at future dates over the course of the program. The program is expected to result in the acquisition and cancellation of an additional 22.7 million shares, Philips said.
