FMC to launch first ever share buyback on May 20

FRANKFURT Fri May 17, 2013 12:00pm EDT

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FRANKFURT May 17 (Reuters) - German dialysis provider Fresenius Medical Care will begin its first ever share buyback programme on May 20, acquiring up to 385 million euros ($493.72 million) worth of its own stock.

It said in a statement on Friday that shares acquired would either be cancelled to reduce the number of shares in issue or to supply employee share participation programmes.

The company announced back on April 4 that it would buy back up to 385 million euros worth of its own ordinary stock, which corresponds to roughly 7 million shares, or 2.3 percent of its issued share capital based on Thursday's closing price. ($1=0.7798 euros) (Reporting By Christiaan Hetzner; Editing by Greg Mahlich)

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