The Monterrey-based company confirmed it finalized the deal with a U.S. financial institution to shrink its outstanding equity. The final volume of shares retrieved will depend on the daily volume-weighted average price observed throughout the term of the contract, adjusted by a discount. Management expects the transaction to reach final settlement before the calendar year concludes.
FEMSA Shares Jump Following $280 Million Buyback Deal
Fomento Económico Mexicano shares climbed 3.1% to $120.62 in Monday afternoon trading after the retail and beverage giant launched an accelerated share repurchase agreement. This move to buy back $280 million in American depositary shares marks a significant milestone for the firm, which has seen its stock gain 19% this year.
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