Starts initial 250 mln pound share buyback (Il Sole 24 Ore Radiocor) - London, 27 Aug - "Today the group is in an excellent position to pursue our pipeline of value-accretive acquisitions within the very large and fragmented global markets that we operate in, and also return excess cash to shareholders. We are committing to steadily return leverage to our target range by the end of 2027, and therefore announce a substantial share buyback that will commence with immediate effect," said Bunzl's CEO, Frank van Zanten.

The company announced an initial 250 million pound share buyback that will commence with immediate effect, to be completed no later than March 3, 2025. The board expects to announce a further share buyback of about 200 million pounds at its 2024 preliminary results, it added.

Bunzl is committed to allocate about 700 million pounds a year, primarily to invest in value-accretive acquisitions and, if required, returns of capital, for the three years ending December 31, 2027.

If at the end of each year, the total committed spend on acquisitions is below 700 million pounds, the group will return the remainder to shareholders through a capital return in the following year, it added.

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(RADIOCOR) 27-08-24 08:57:08 (0179) 5 NNNN