FRANKFURT May 12 Germany's Siemens
said on Monday it is starting a share buyback programme of up to
four billion euros ($5.5 billion).
The share buyback was announced in November last year, but
was put on hold as the engineering giant drew up a restructuring
programme to catch up with more profitable competitors.
Until 31 October 2015, Siemens will repurchase up to 47.8
million shares, the company said.
"The buyback serves the sole purpose of cancelling and
reducing the capital stock, issuing shares to employees, board
members of affiliated companies, and members of the Managing
Board of Siemens AG as well as servicing convertible bonds and
warrant bonds," the group said in a statement.
($1 = 0.7269 Euros)
(Reporting by Kirsti Knolle; editing by Jason Neely)