Hoechst AG has just successfully completed the largest share repurchase in Germany to date.

Between May and August, a total of 28.8 million shares or 4.9 percent of the subscribed capital of Hoechst AG were repurchased for around EUR 1.23 billion. The average price of the repurchased shares was EUR 42.76. The repurchased shares are to be cancelled. The share buyback was transacted exclusively via the Xetra system of Deutsche Börse AG.

Hoechst announced that it would begin repurchasing its shares in mid-May.

One of the aims of this move was to distribute some of the company's value to Hoechst shareholders prior to the execution of the planned merger with Rhône-Poulenc at the end of the year.

The number of shares in circulation has decreased to around 559 million as a result of the share buyback.

Company news release
N2049