AkzoNobel Has Repurchased More Than 10 Percent of the Company’s Issued Capital (Share Buyback Week 36 of 2008)
September 8, 2008
AkzoNobel (Euronext Amsterdam: AKZ) has announced that, in line with the launch of its share buyback program on March 17, 2008, the company has repurchased 1,127,464 ordinary shares in the period September 1 until September 5, 2008. Shares were repurchased at an average price of €42.07.
The total number of shares repurchased under this program to date is 27,140,729 ordinary shares or 10.3 percent of the issued capital. The total consideration of the program amounted to €1.255 billion. A procedure to cancel 10 percent of the repurchased shares will start and it is expected that the cancellation will be completed before year end 2008.
The first €1 billion tranche of the €3 billion share buyback program was concluded by the end of July 2008. The second tranche of €1 billion is expected to be completed by year end 2008.
You can find detailed information on the daily repurchased shares in our Investor Relations section.