Shell commences $3.5B share buyback program

Shell (SHEL) announced the commencement of a $3.5B share buyback program covering an aggregate contract term of approximately three months. The purpose of the program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. It is intended that, subject to market conditions, the program will be completed prior to the company’s Q3 results announcement. The company has entered into an arrangement with a single broker consisting of two irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London market exchanges and Netherlands exchanges for a period up to and including October 24. The aggregate maximum consideration for the purchase of ordinary shares under the London contract is $1.75B and the maximum consideration for the purchase of ordinary shares under the Netherlands contract is $1.75B.