(Alliance News) - Eni Spa has announced that its board has proposed to shareholders a new EUR1.1 billion buyback program, resulting in the cancellation of treasury shares that will be taken over.

The countervalue of the plan may rise to a maximum of EUR3.5 billion. As stated in the 2024-2027 strategic plan outlined to the market on March 14, Eni intends to distribute between 30 percent and 35 percent of annual cash flow from operations in the form of dividends and buybacks. In the presence of an increase in CFFO compared to the plan, the company intends to allocate up to 60 percent of the incremental cash flows to the buyback.

Eni intends to buy back 328 million of its own shares, equivalent to 10 percent of its share capital, of which 321.6 million will be used to remunerate shareholders and 6.4 million to build up equity funding to service the implementation of the PAD.

Eni's stock is up 1.1 percent at EUR15.53 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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