AkzoNobel said it started to repurchase common shares up to a value of €1 billion, launching the share buyback announced on Feb. 17, 2021.
Completion is due in the first quarter of 2022.
The company has engaged a third party to manage the program and perform transactions on its behalf. It is intended that the shares will be canceled following repurchase.
This share buyback will be implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 22, 2021, according to AkzoNobel.
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, according to AkzoNobel.