By Ashish Sareen (July 29, 2022, 6:03 PM BST) -- Global steel and mining giant ArcelorMittal launched a new $1.4 billion share buyback program Friday that will run until the end of May 2023, subject to market conditions.
The company said in a statement that it will buy over 60 million shares for around $1.4 billion, bringing total repurchases this year to $3.4 billion so far. Legal details of the program were handled in-house without instructing external counsel.
A spokesperson for ArcelorMittal told Law360 that the purpose of the program is for the company to buy its shares and then cancel them to reduce the share capital.
The launch comes after...
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