Carrefour launches 500 million euro share buyback

FILE PHOTO: A customer empties his trolley in front of a Carrefour Hypermarket store in Saint-Herblain near Nantes, France January 15, 2021. REUTERS/Stephane Mahe

PARIS (Reuters) - French retailer Carrefour said it was launching a share buyback this week for a maximum amount of 500 million euros ($600.30 million), the first time in a decade it has bought back shares.

The company had announced its plans for the buyback in April, citing its solid cash position following a strong performance during the COVID-19 pandemic in its main market, France.

Carrefour said on Thursday it will hold the shares it buys back with a view to eventually cancelling them. It said the buyback period will start on May 7 and end not later than Nov. 26.

Reporting by Christian Lowe; Editing by Jacqueline Wong