April 4, 2013 / 5:16 AM / 5 years ago

FMC to buy back shares, do away with preference shares

FRANKFURT, April 4 (Reuters) - Fresenius Medical Care , the world’s largest dialysis group, said it would buy back shares worth as much as 385 million euros ($494.65 million) over the next six months using cash and existing loans.

It also said on Thursday it plans to do away with its non-voting preference shares, accounting for about 1.3 percent of its total share capital, as part of a move to improve its capital structure.

It said a major preference shareholder holding about 77 percent of the outstanding preference shares, who it said was a European financial institution, has agreed to support the plans and to pay a conversion premium.

$1 = 0.7783 euros Reporting by Maria Sheahan

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