Coca-Cola Enterprises, Western Europe’s biggest Coke bottler, is seeking to buyback $1 billion of shares as per the new repurchase program. It will be redeeming about $500 million worth of stock in 2012.

The company’s current repurchase program was announced in the fourth quarter of 2010. The company has since purchased nearly $750 million of its shares, including approximately $150 million to date in the third quarter. The new share repurchase program will begin once the current program is completed.

Click here for the release from Business Wire.