FRANKFURT--Industrial conglomerate Siemens (SI) said late Thursday it will buy back as much as 3 billion euros ($3.65 billion) worth of shares and cancel around 33 million treasury shares.
The share buyback will be financed mostly by long-term debt, the company said in a statement.
"The current debt-markets environment for Siemens in combination with its current valuation of its shares offers a unique opportunity for value creation in the long term," Siemens Chief Financial Officer Joe Kaeser said.
The program has been approved by Siemens' supervisory board and is backed by shareholders, the company added.
The buyback is expected to be executed by Dec. 30.
The cancellation of treasury shares will reduce capital stock to 881 million shares from 914 million.
Write to Nicky Redl at nicky.redl@dowjones.com
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(END) Dow Jones Newswires
August 03, 2012 02:05 ET (06:05 GMT)
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