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Diageo: launches first tranche of buyback plan

( - On Friday Diageo launched the first tranche of a share buyback program intended to return up to two billion pounds to shareholders over the financial year ending 30 June 2019.

The agreement with Citi to execute the first tranche of the program will begin today and is expected to end no later than 31 January 2019, the British drinks maker said.

This initial tranche will be worth up to 1.4 billion pounds.

The buyback program is intended to reduce Diageo's share capital, with all the shares repurchased set to be cancelled, the group said.

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