CSM to initiate significant share repurchase program
September 13, 2007
by Eric Schroeder
DIEMEN, THE NETHERLANDS — CSM n.v. said it will repurchase up to €100 million ($138.9 million) in ordinary shares between Sept. 17 and Dec. 31, a move the company hopes will further optimize its capital structure.
As part of the repurchase program, CSM said it has enlisted Rabobank, who will acquire shares on Euronext Amsterdam on a daily basis. According to CSM, the shares acquired will be held as treasury stock and will in principle not exceed 25% of the average daily volume of CSM shares traded on Euronext during the month of September.
"The strong balance sheet combined with the current stock market developments create an opportunity to engage in a share buy-back program," said Koos Kramer, chief financial officer.