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Coca-Cola Europacific Partners Announces €1 Billion Share Buyback Program

$CCEP
Form 6-K
Filed on: 2025-02-14
Source
Coca-Cola Europacific Partners Announces €1 Billion Share Buyback Program

Here are the key insights extracted from the financial report (Form 6-K) of Coca-Cola Europacific Partners plc dated February 14, 2025:

Company Overview

  • Company Name: Coca-Cola Europacific Partners plc
  • Headquarters: Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom.
  • SEC File Number: 001-37791
  • Trading Symbols: Listed on Euronext Amsterdam, NASDAQ, London Stock Exchange, and Spanish Stock Exchanges under the symbol CCEP.

Share Buyback Program Announcement

  • Amount: The company intends to return up to €1 billion to shareholders via a share buyback program.
  • Start Date: The program is set to begin on February 18, 2025.
  • Completion Timeline: It is expected to be completed by the end of February 2026.
  • Purpose: The goal of the program is to reduce the issued share capital of the company, with all repurchased shares to be canceled.

Specifics of the Buyback Program

  • Initial Arrangement: The company has entered into an arrangement with Goldman Sachs for the initial period of the program, which will include share purchases on both US and London trading venues.
  • Maximum Purchases: The maximum number of shares that may be purchased is 46,027,917, based on shareholder authority granted during the 2024 Annual General Meeting.
  • Initial Tranche: The initial tranche of the program will cover up to €275 million, with €55 million allocated for purchases on the London Trading Venues, expected to be completed by May 16, 2025.

Compliance and Regulatory Framework

  • The program will comply with various regulations, including:
  • Market Abuse Regulation
  • UK Listing Rules
  • Applicable U.S. federal securities laws

Forward-Looking Statements

  • The document contains forward-looking statements that are subject to risks that could materially affect actual results, including market conditions, customer relationships, economic conditions, legal changes, and other operational challenges.

Contacts

  • Company Secretary: Clare Wardle, email: clare.wardle@ccep.com
  • Investor Relations: Sarah Willett, email: sarah.willett@ccep.com
  • Media Relations: Shanna Wendt, email: mediaenquiries@ccep.com

Summary

Coca-Cola Europacific Partners plc is proactively returning capital to shareholders through a significant share buyback initiative, which reflects its commitment to shareholder value and effective capital management. The program's structured approach, including a clear timeline and substantial financial commitment, underscores the company’s strategic focus on enhancing shareholder returns while adhering to regulatory frameworks.