STMicroelectronics Initiates Stock Repurchase ProgramMarch 03, 2002 by Jeff Shepard
STMicroelectronics (Geneva) announced that it plans to buy back up to four million shares of its outstanding common stock. The repurchased shares will be allocated to the options granted under the current employee stock option plan.
The implementation of the share purchase program, which is expected to begin immediately, has been entrusted to a financial institution that will at all times act independently from the company. Share purchases may be made from time to time, on the open market, through block trades or otherwise, depending on market conditions or other factors. The repurchase program may be suspended at any time or from time to time, without prior notice.