HAMBURG, Germany (Sept. 29)—Phoenix A.G.´s supervisory board has approved a plan to buy back up to 10 percent of the firm´s subscribed capital, during the course of its financial year. The decision is in line with a resolution at Phoenix´s annual general meeting in May authorizing the board to buy back more than $3 million worth of shares. "The buyback supports the share price on one hand and on the other gives us some flexibility in our financial structures," said a Phoenix spokesman. Shares in Phoenix have fallen to about euro 12.40 from a peak of around euro 25 in mid-1998. The spokesman linked this decline to factors outside the group´s control, in particular the movement of capital to new-economy shares.
Phoenix to buy back 10 percent of shares
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