STMicroelectronics Initiates Stock Repurchase
STMicroelectronics (Geneva) announced that it plans to buy back up to five million shares of its outstanding common stock. The repurchased shares will be allocated to fund the company's most recent employee stock option plan, which was approved at its Annual General Meeting on April 25, 2001.
The implementation of the share purchase program, which is expected to begin immediately, has been entrusted to a financial institution, which 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.