Diageo PLC (LSE:DGE) has started the next tranche of its previously announced programme to return up to £4.5bn to shareholders by 30 June 2024.
The first phase, in which the drinks brands giant bought back £1.25bn of shares, was completed at the end of January last year, after which the COVID-19 pandemic delayed the second phase until 12 May 2021.
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Under the first tranche of the second phase, which was completed on 12 November 2021, Diageo repurchased shares to a value of £0.45bn. It is intending to buy back up to £1bn by the end of fiscal 2022 and has now announced its intention to recommence buying back shares between now and 4 March 2022.