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Enel launches up to €10.5M share buyback program

Enel SpA is launching an up to €10.5 million share buyback program to serve the long-term incentive plan 2019, which is reserved to the management of the company and its subsidiaries.

The buyback is for a number of shares not exceeding 2.5 million, equivalent to approximately 0.02 % of the Italian utility's share capital, according to a Sept. 19 news release. Enel said it will appoint an authorized intermediary to decide on the purchases.

The purchase price of the shares shall be no more than 10% lower or higher than the reference price of Enel's shares on the Mercato Telematico Azionario, or MTA. It shall also not exceed the higher between the price of the last independent trade and the highest current independent purchase bid on the MTA.