Diageo PLC (LSE:DGE) said it is to carry out a share buyback worth £1.7bn as the third part of a previously announced capital returns programme.
The Johnnie Walker, Smirnoff and Guinness maker had already bought back shares totalling £2.25bn on 31 January 2020 and 11 February 2022 as part of the £4.5bn exercise, which is scheduled to finish by the end of its financial year to June 2023.
UBS will carry out the latest buyback with £1.4bn of the shares to be acquired by June and the whole amount by 5 October 2022.
Diageo said it will decide whether to use share buybacks or special dividends for the remaining £650mln of the returns programme depending on market conditions at the time.