By Giulia Petroni

 

Eni SpA said late Thursday that it will submit a proposal for a potential restart of its share buyback program.

The Italian oil major said the proposal concerns the purchase of treasury shares for a maximum outlay of 1.6 billion euros ($1.91 billion) and a maximum number equal to 7% of ordinary shares. It will be presented at the shareholder meeting on May 12.

The purchases are subject to the Brent crude price scenario outlined in the company's strategic plan for 2021-24, Eni said. The price reference for the current year will be defined in July.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 19, 2021 02:28 ET (06:28 GMT)

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