Coca-Cola Enterprises will repurchase around US$1bn of its shares

Coca-Cola Enterprises will repurchase around US$1bn of its shares

The board of directors of Coca-Cola Enterprises (CCE) has approved the repurchase of around US$1bn of its shares within the next 18 months.

The programme is expected to begin during the fourth quarter of 2010, the firm said today (14 October).

The repurchase will be funded from existing cash, cash from future operations, and incremental debt and may be adjusted depending on economic, operating, or other factors, CCE said.

CCE this week appointed Jan Bennink to its board of directors with immediate effect. Fernando Aguirre, chairman and CEO of US juice firm Chiquita, will leave the board on 30 November.