This finalizes a €2.5 billion repurchase program announced on February 13, 2019, and completes a total distribution to shareholders of €6.5 billion following the sale of the Specialty Chemicals business. The total number of shares repurchased under the program was 31,226,894 ordinary shares.
AkzoNobel has today started to repurchase ordinary shares up to a value of €500 million, executing the share buyback announced on October 23, 2019. This repurchase program is due to be completed in the first half of 2020. 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 cancelled following repurchase.
The share buyback will be implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 25, 2019. 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.
In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates on the share buyback overview.