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Mondelez International approves $9 billion share repurchase
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Saturday, 14 December, 2024, 16 : 00 PM [IST]
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Chicago, USA
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The board of directors of Mondelez International Inc., approved a new share repurchase authorisation of up to $9 billion of Class A common stock, effective January 1, 2025. The new authorisation, effective until December 31, 2027, will replace the current $6 billion authorisation, of which approximately $2.8 billion is presently remaining and would otherwise expire on December 31, 2025. The company may repurchase the shares in open market transactions, privately negotiated transactions or a combination of the foregoing. Share repurchases are subject to the company's discretion based on market conditions, business considerations and other factors.
The board of directors also declared a regular quarterly dividend of $0.47 per share of Class A common stock. This dividend is payable on January 14, 2025, to shareholders of record as of the close of business on December 31, 2024.
The company also remains committed to its key capital allocation priorities, which include reinvesting in brands and capabilities, returning capital to shareholders through share repurchases and dividends, and M&A. Given current market conditions, share repurchase remains an opportunity and key priority. The company remains committed to an acquisition strategy that is focused on bolt-on assets similar to recent acquisitions of Chipita, Clif and Ricolino.
Dirk Van de Put, Chairman and CEO, said, "Our new $9 billion share repurchase authorisation reflects the strength of our business with robust profit dollar and cash flow growth to reinvest in brands and capabilities while also returning significant capital to our shareholders. We continue to make significant progress against our strategy of accelerating growth and focusing our portfolio in the attractive, resilient categories of chocolate, biscuits and baked snacks. Our teams remain focused on executing against our growth agenda in a challenging and dynamic operating environment."
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