Bridgestone announces £1.1b share buyback

Bridgestone Corporation intends to acquire up to 50 million of its shares, or 6.4 per cent of its outstanding treasury stock. In a statement, the company said it would spend up to 150 billion yen (£1.1 billion) in the buyback, which will take place between 20 February and 22 December 2017. The acquired shares, along with a further 20 million shares, will be cancelled, effective 19 January 2018.

According to Bridgestone, the shares are being acquired and cancelled in order to “enhance enterprise value by cancelling capital efficiency.”