AkzoNobel intends to repurchase common shares up to a value of €2.5 billion as part of a total of €6.5 billion being distributed to shareholders following the sale of the Specialty Chemicals business.
The share buyback will start on or around Feb. 25, 2019, and is due to be completed by the end of 2019. AkzoNobel will engage a third party to manage the program and execute transactions on its behalf. It is intended that the shares will be canceled following repurchase.
The share buyback will be executed within the limitations of the authority granted by the Annual General Meeting (AGM) on April 26, 2018, and the authority granted by future AGMs. The share repurchase program will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the safe harbor parameters prescribed by the Commission Delegated Regulation 2016/1052 for share buybacks.
In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates and here.