Diageo PLC (LSE:DGE) has started the next tranche of its previously announced programme to return up to GBP4.5bn to shareholders by 30 June 2024.

The first phase, in which the drinks brands giant bought back GBP1.25bn of shares, was completed at the end of January last year, after which the COVID-19 pandemic delayed the second phase until 12 May 2021.

READ Diageo doles out interim dividend payment but stops share buyback for 2020

Under the first tranche of the second phase, which was completed on 12 November 2021, Diageo repurchased shares to a value of GBP0.45bn. It is intending to buy back up to GBP1bn by the end of fiscal 2022 and has now announced its intention to recommence buying back shares between now and 4 March 2022.

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