Daimler will resume share buybacks having paused the programme temporarily because of maket uncertainties.
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Daimler has said it will spend up to EUR6bn to repurchase 10% of its stock. Shares bought back by 8 April, 2009 will be cancelled or used for stock option plans.
In a statement the company said “Daimler’s capital structure is to be further optimised with the goal of reducing the use of equity capital, which is more expensive than debt capital. This will avoid investment decisions being limited by excessively high capital costs.”
Having sold Chrysler, Daimler had already bought back just under 10% of its shares for nearly EUR6.2bn by the end of March 2008. Shareholders approved a plan to buy back a further 10% in April.
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