AkzoNobel announces repurchase of shares to neutralize stock dividends paid in 2016
13 December 2016 - 5:41PM
AkzoNobel will repurchase up to 2.5 million ordinary shares,
which, based on the closing price of AkzoNobel shares on December
12, 2016, would be equivalent to approximately €150 million.
The purpose of the program is to neutralize the dilutive effect
of stock dividends paid in 2016. Subject to shareholder approval it
is intended the shares will be cancelled during the course of
2017.
AkzoNobel has engaged a third party to manage the program and
execute the transactions on its behalf. This share repurchase
program will start on January 2, 2017 and is anticipated to be
concluded by the end of April 2017.
In accordance with regulations, AkzoNobel will inform the market
about the progress made in the execution of this program through
weekly updates at
https://www.akzonobel.com/for-investors/shares/share-buyback-overview
- - -
AkzoNobel creates everyday essentials to make people's lives
more liveable and inspiring. As a leading global paints and
coatings company and a major producer of specialty chemicals, we
supply essential ingredients, essential protection and essential
color to industries and consumers worldwide. Backed by a pioneering
heritage, our innovative products and sustainable technologies are
designed to meet the growing demands of our fast-changing planet,
while making life easier. Headquartered in Amsterdam, the
Netherlands, we have approximately 45,000 people in around 80
countries, while our portfolio includes well-known brands such as
Dulux, Sikkens, International, Interpon and Eka. Consistently
ranked as a leader in sustainability, we are dedicated to
energizing cities and communities while creating a protected,
colorful world where life is improved by what we do.
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release contains statements which address key issues such as
AkzoNobel's growth strategy, future financial results, market
positions, product development, products in the pipeline and
product approvals. Such statements should be carefully considered,
and it should be understood that many factors could cause
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business please see our latest annual report, a copy of which can
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