A Taste of Wellness for Savoury and Snacks
Givaudan
Swiss flavours and fragrance producer Givaudan today launched a share buy-back programme of up to 800,000 shares by opening a second trading line on the Swiss stock exchange virt-X.
The buy-back programme is principally motivated by the company's ample liquid funds, high generation of free cash flow, the attractive share price and the lack of tempting acquisitions, claims Givaudan .
Falling directly behind number one flavour and fragrance player International Flavors and Fragrances, Givaudan has been on the look-out for acquisitions, identified as a way to become the top player. But it has said it would return cash to shareholders if it could not find a suitable target.
On 31 March 2003, Givaudan completed its first share buy-back programme. On 11 April 2003 the Annual General Meeting approved the proposal to cancel the 725,627 repurchased registered shares and to reduce the share capital to SF80 million (€51.6m). In addition, the dividend was increased by 15.7 per cent to SF8.10.