Philips Healthcare parent company Royal Philips said it completed the cancellation of 8.5 million shares acquired as part of its 1.5 billion euro ($1.7 billion U.S.) share repurchase program.
Under the program, which Philips started in the first quarter of 2019, the company plans to repurchase shares in the open market through an intermediary and cancel them within two years for capital reduction purposes. The shares will be available for buybacks in the open market during open and closed periods.
Philips currently maintains nearly 9 million common shares amounting to 179 million euro ($199 million U.S.) in issued share capital.
