(Alliance News) - Poste Italiane Spa announced Thursday that the board has proposed to shareholders authorization to buy back 3.5 million of its own ordinary shares.

The shares, equal to 0.3 percent of Poste's share capital, can be bought back at a maximum of EUR56 million. The buyback program will last for a maximum of 18 months.

To date, the company holds 10.7 million of its own shares.

Poste Italiane's stock closed Thursday up 1.5 percent at EUR11.66 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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