Arnhem, the Netherlands, April 24, 2007 — Akzo Nobel (Euronext Amsterdam: AKZ; Nasdaq: AKZOY) has announced that it will commence a EUR 1.6 billion open market share buyback program on May 3, 2007. At the current share price, this represents approximately 10% of the common shares outstanding.
Subject to shareholder approval at tomorrow’s AGM, the repurchased shares will be cancelled. ING Wholesale Banking will execute the open market repurchase program, which is expected to be completed by the end of 2007.
repurchase price will be based on the daily VWAP (Volume Weighted Average Price) and the program will be in full compliance with the Safe Harbor trading and volume restrictions of the Market Abuse Directive. Akzo Nobel will provide weekly progress updates to the market.