Yara board proposes new buy-back program

Oslo-Yara International ASA said April 14 that it will ask shareholders at its May 8 annual meeting to approve a new share buy-back program. Yara’s board proposes that the existing buy-back program be replaced by a new program, authorizing the board to acquire up to 5 percent of Yara’s shares within the next 12 months. Shares may be purchased within a price range of NOK 10 to NOK 1,000. The shares may either be used for cancellation or as payment in business transactions. The company will enter into a new agreement with the Norwegian State to the effect that the state’s shares will be redeemed on a pro-rata basis so that the state’s ownership is unchanged in the event of a cancellation of the shares bought back.