Deutsche Borse Begins Returning Money To Shareholders

Having withdrawn its bid for the London Stock Exchange in the face of shareholder opposition, Deutsche Borse has begun the melancholy task of returning some its Euros 600 million cash pile to shareholders by way of a share re purchase

By None

Having withdrawn its bid for the London Stock Exchange in the face of shareholder opposition, Deutsche Borse has begun the melancholy task of returning some its Euros 600 million cash pile to shareholders by way of a share re-purchase programme.

The company currently has authorization from its shareholders to repurchase up to 10 per cent of its share capital but is limited by law to a purchase in the amount of retained earnings which stood at Euros 448.4 million at the end of last year.

Deutsche Borse will begin buying back shares after the invitation and the agenda for the Annual General Meeting 2005 have been published. The launch of the share buy back programme, including details as to the duration, will be announced separately. The buy back will be carried out in compliance with Directive (EU) No. 2273/2003 of the European Commission of 22 December 2003. All shares will be bought in the market and will be retired.

The company further announced that the Supervisory Board and the Executive Board will propose to the upcoming shareholders meeting that it authorize further share buy backs of up to ten per cent of share capital.

«