AkzoNobel (AKZA; AKZOY) has repurchased 328,400 of its own ordinary shares in the period from April 20, 2020, up to and including April 24, 2020, at an average price of €67.31 per share. The consideration of the repurchase was €22.10 million.
This finalizes a €500 million share buyback announced on October 23, 2019. The share repurchase program was due to be completed in the first half of 2020. The total number of shares repurchased under the program was 6,537,254 ordinary shares. It is intended that the shares will be cancelled.
AkzoNobel has a strong balance sheet and solid cash position. At March 31, 2020, cash and cash equivalents were €0.8 billion and financial leverage was 1.2 (net debt/EBITDA). The company has a €1.3 billion unutilized revolving credit facility with a maturity of 2025. The next bond maturity is €750 million in July 2022. In addition, the company has sufficient access to commercial paper and bank credit facilities. AkzoNobel targets a leverage ratio of 1-2 times (net debt/EBITDA) by the end of 2020 and commits to retain a strong investment grade credit rating.
This share buyback was implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 25, 2019. The share repurchase program was 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 has informed the market about the progress made in the execution of this program through weekly updates on the share buyback overview page.
AkzoNobel has a passion for paint. We’re experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. Headquartered in the Netherlands, we are active in over 150 countries and employ around 33,000 talented people who are passionate about delivering the high-performance products and services our customers expect.