Siemens (SI +4.5% in Frankfurt) has started a €3B stock buyback, as approved at its annual...

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

Siemens (SI +4.5% in Frankfurt) has started a €3B stock buyback, as approved at its annual meeting in January 2011, the conglomerate said late yesterday. Siemens will use the program to reduce stock, for employee compensation, and for convertible and warrant bonds. Siemens is also canceling 33M treasury shares worth €2.23B, based on yesterday's closing price.