Consumer goods giant Reckitt Benckiser (LSE: RKT) has successfully completed the first £250 million tranche of its £1 billion share buyback programme.
Under tranche one, which ran from October 30, 2023 to January 30, 2024, Reckitt repurchased 4.6 million of its own shares at an average price of £54.56 per share. These shares are now held in treasury.
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Reckitt has confirmed the second £250 million tranche will kick off on Thursday, February 2nd, led by Merrill Lynch International. This phase is scheduled to conclude on or before May 10, 2024, with repurchased shares set to reduce Reckitt’s overall share capital.
Reckitt’s share price was largely unchanged in early trading on Wednesday as investors reacted to the update, with the stock flat over the past 12 months.
