The energy arm of Rolls-Royce has committed to a £1bn share buyback after the closing of last month’s sale of its energy gas turbine and compressor business to Siemens.
The transaction is expected to be completed by the end of 2014. CEO of Rolls-Royce, John Rishton said: “As no material acquisitions are planned, and reflecting the strength of our balance sheet, we will return the proceeds of the Energy sale to our shareholders.” The news comes as the firm conduct an investor briefing to…
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