(Alliance News) - Recordati Spa announced on Tuesday that it has mandated UBS Europe SE to launch a new buyback program starting on December 17.

The program may involve a maximum of one million ordinary shares of the company with a nominal value of EUR0.125 each and a maximum value of EUR55 million.

To date, the company holds 4.7 million of its own ordinary shares, equal to 2.3% of the share capital.

On Tuesday, Recordati closed down 0.7% at EUR47.94 per share.

By Claudia Cavaliere, Alliance News reporter

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