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Beverage giant Diageo (LON:DGE) has announced a £2 billion share buyback that will take place over the current financial year. The initial tranche of the programme for £1.4 billion commences today and subsequent tranches will be announced at later dates this year.
The programme will be run by Citigroup Global Markets and all shares bought in the process will be cancelled. Authorisation was granted at the 2017 AGM for up to 251 million shares to be bought back, with a renewed authority for 246 million being sought at the next general meeting in September.
Shares in Diageo rose by 4.75p to 2,802.25p (as of 16:00 BST).