Aviva starts £300m share buyback

Aviva announced on Thursday that it will commence a share buy-back of its ordinary shares for up to a maximum consideration of £300m.

The FTSE 100 company said it had entered into a non-discretionary agreement with Morgan Stanley to enable the purchase of Aviva ordinary shares by Morgan Stanley, acting as principal, during the period running from 25 May and ending no later than 15 December, for an aggregate purchase price of up to £300m.

“Shares acquired by Morgan Stanley under the agreement will be simultaneously on-sold to Aviva,” the board said in its statement.

“To the extent permitted by law, such ordinary shares purchased will be cancelled.”