French IT company Atos has announced the launch of a share buy-back programme from the open market to provide funds for its subsidiary pension scheme in the Netherlands.
The company, listed in Paris but operating globally under a variety of brands, said the move would raise around €115m in shares for the Atos Dutch Employee Pension Fund.
This finance is in addition to €43m in cash provided from Paris to the scheme in 2013.
The announcement is a continuation of its share buy-back policy, after it revealed in November 2013 that a second tranche would eventually take place.
After approval at the company’s ordinary general meeting on 27 December, the second tranche of share purchases was approved.
The requirement to fund its Dutch subsidiary pension fund came after an agreement was reached on 18 December 2013.
The software company, headquartered northwest of Paris, said it sourced an investment service provider to manage the purchase of its own shares over the next few months, beginning today.
Atos said it would purchase its own shares in four separate periods, each spanning 20 days and accounting for one-quarter of the total buy-back.
The firm will buy its shares using the average price in each separate 20-day period.
At the end of each period, the shares purchased from the open market will automatically be transferred to the Dutch pension fund, Atos confirmed.
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