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
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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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Source: Akzo Nobel Sourcing bv