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Mövenpick buying back shares

Swiss hotel to restaurant group, Mövenpick, plans to buy back as much as 10 per cent of its share capital and voting rights, worth up to SFr82.6 million ($46.4 million).

Mövenpick also announced on Wednesday that it would ask shareholders at the next general meeting in 2001 to approve a reduction in its capital by the amount of shares repurchased.

The move will increase the value of shares held by investors in the company.

The group said the buyback would be conducted via a public offer, which is likely to open on October 30 and close on November 10.

Mövenpick will pay roughly a three per cent premium for the shares over Tuesday's closing price.

This latest repurchase follows on from an earlier offer in March 1999 for a maximum of SFr280 million, which led to SFr200.7 million worth of shares being repurchased.

swissinfo with agencies

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