By Sarah Sloat

German car maker BMW said Wednesday that it had approved a buyback program with a volume of up to 2 billion euros ($2.2 billion).

The buyback will begin upon conclusion of the share buyback set out last year, and applies to both ordinary and preferred shares, with the volume of preferred shares limited to EUR350 million.

The main goal of the transaction is to redeem shares, with a corresponding reduction in share capital, BMW said. The buyback may also be used to transfer shares to employees as part of an employee share program.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

May 03, 2023 12:15 ET (16:15 GMT)

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