February 13, 2019 / 1:44 PM / 8 months ago

Whitbread to buy back 2 bln pounds in shares with Costa sale proceeds

Feb 13 (Reuters) - Whitbread Plc will buy back an additional 2 billion pounds ($2.58 billion) of shares using proceeds from its sale of the Costa Coffee chain to Coca Cola Co , the owner of Premier Inns said on Wednesday.

In a presentation outlining its long-term plans to investors, Whitbread also predicted that its German operations would be profitable in fiscal year 2022.

The group, which completed the $5 billion sale of Costa Coffee last month, has shifted focus completely to its hotels business. It also forecast a further 220 million pounds in savings over the next three years.

Reporting by Sangameswaran S in Bengaluru; Editing by Sai Sachin Ravikumar

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