AkzoNobel has announced that, in line with the launch of its share buyback program on March 17, 2008, the company has repurchased 2,295,227 ordinary shares in the period September 22 until September 26, 2008. Shares were repurchased at an average price of €38.18.
The total number of shares repurchased under this program to date is 31,746,972 ordinary shares for a total consideration of €1.437 billion.
Further to the earlier announcement today, with €1.8 billion of our net debt due to mature in the next eight months – and given the current volatile situation in the financial capital markets – the company has decided to temporarily defer the remaining €1.6 billion of the program as of today, until the refinancing of the bonds has been completed. The company remains committed to maintaining its dividend and its A-minus credit rating.
You can find detailed information on the daily repurchased shares in our Investor Relations section.