Finnair announces share buyback

London
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Finnair's board of directors has confirmed plans to buy back up to 600,000 of the airline's shares, amounting to 0.47% of the its share capital and voting rights.

The repurchases will decrease the distributable capital and reserves of the company, which - according to the latest audited financial statements - totalled €264 million ($350 million).

Finnair currently holds a total of 410,187 own shares, corresponding to approximately 0.32% of the total number issued.

"The share repurchases will start on 27 December 2012 at the earliest, and will end no later than the last of May 2013," the company says in a statement. "Repurchased shares will be used primarily for implementation of Finnair Group's share-based incentive scheme 2010-2012."