Unilever completes first €3 bln tranche of buyback

Unilever PLC (ULVR.LN) said Friday that it has completed the first 3 billion-euro ($3.9 billion) tranche of its previously announced share-buyback program and will start the second tranche on July 20.

In April, the Anglo-Dutch consumer products company said it will buy back shares worth up to EUR6 billion and expects to complete the programmer before the end of the year.

Unilever said the buyback program is in line with its objectives of targeting a net debt to Ebitda ratio of 2x and returning the expected after-tax proceeds of the disposal of its spreads-and-margarine business.

Earlier in July, Unilever said it completed the sale of the spreads business to KKR & Co. KKR, -0.51% for $8.1 billion.

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