Siemens begins €4B share buyback

|About: Siemens AG (SIEGY)|By:, SA News Editor

Siemens (SI) starts a stock-repurchase program worth up to €4B ($5.5B), with the German conglomerate set to buy as many as 47.8M shares by October 31, 2015.

Siemens announced the plan in November but put it on hold, as it was formulating a restructuring plan.

The company has received the backing of German Chancellor Angela Merkel in its attempt to acquire Alstom's (ALSMY) power business. However, Merkel also said the decision is a corporate one and so she "will not get involved in that." French President Francois Holland said his government is still waiting for Siemens to makes a detailed offer.

Shares are +1.2% premarket.