Arnhem, the Netherlands, July 24, 2007 — Akzo Nobel announced today that it has decided to apply for deregistration and termination of its reporting obligations under the U.S. Securities Exchange Act of 1934 and the delisting of its American Depositary Receipts (ADRs) from the NASDAQ stock exchange.
Akzo Nobel will shortly provide written notice to the NASDAQ of its intent to delist. The company intends to file a Form 25 with the Securities and Exchange Commission (SEC) and NASDAQ on or about August 15, 2007 to effect the delisting. The delisting is expected to be effective ten days after this filing.
Nobel intends to file a Form 15F with the SEC to deregister before the end of August. The deregistration becomes effective 90 days after the filing, unless the Form 15F is earlier withdrawn by the company or denied by the SEC.
Nobel intends to maintain its ADR facility with Deutsche Bank as a Level 1 program. This means that Akzo Nobel's ADRs will be traded on the over-the-counter market known as International OTCQX. Akzo Nobel's common shares will continue to be traded on Euronext Amsterdam.
Nobel’s CFO Rob Frohn commented: "Some years ago Akzo Nobel was a front runner in the process of simplifying its European listings on stock exchanges. With today’s global capital markets functioning well, and in light of changed U.S. legislation regarding delisting, we now want to finalize this process, which will result in a single listing in Amsterdam. With a simplified structure in place we expect to generate cost savings of around EUR 7 million per annum.”
Frohn: “We will continue to provide a high standard of corporate governance, information and disclosure in line with the standard the company set itself during 2006 and to maintain the high standards required by the Dutch governance code and regulatory requirements.”
Nobel will continue to publish its Annual Report, Accounts and communications in accordance with Exchange Act Rule 12g3-2 (b) on its corporate website http://www.akzonobel.com/.
Nobel reserves the right to delay or withdraw the filings of the Forms 15F and 25 for any reason prior to their effectiveness.