By Giulia Petroni

 

Eni SpA said it would propose at its next shareholders meeting on May 10 to launch a share-buyback program of 2.2 billion euros ($2.34 billion) for the current year.

The Italian oil-and-gas giant said Thursday that the buyback amount may be increased up to a total of EUR3.5 billion in case of higher cash flow from operations.

In February, Eni announced that it aimed to distrubute between 25% and 30% of the annual cash flow from operations through a combination of dividends and buybacks.

The maximum amount of shares that can be purchased under the newly announced buyback program is 337 million, or about 10% of Eni's share capital.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 16, 2023 14:22 ET (18:22 GMT)

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