Siemens buys a stake in its own company
Siemens plans to buy back 11.5% or 10 billion Euro worth of its own shares in the biggest share buyback in the history of corporate Germany.
Siemens plans to buy back 11.5% or 10 billion Euro worth of its own shares in the biggest share buyback in the history of corporate Germany. Siemens plans to buy them back, using cash flow, until 2010, and then destroy them in order to push the share price up for other investors. Siemens recently sold its auto parts maker, Vereinigte DEUTA OTA (VDO) for 11.4 billion Euro in reaction to the recent movements in the share price. New chief executive Peter Löscher set more aggressive profitability targets in order to stabilize the capital markets and Löscher plans to cut 10,000 middle management jobs from the Siemens’ workforce.
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