AkzoNobel (AKZA; AKZOY) has repurchased 823,110 of its own ordinary shares in the period from March 16, 2020, up to and including March 20, 2020, at an average price of €52.77 per share. The consideration of the repurchase was €43.44 million.
This is part of a repurchase program announced on October 23, 2019. AkzoNobel intends to repurchase common shares up to a value of €500 million. The total number of shares repurchased under this program to date is 5,224,780 ordinary shares for a total consideration of €415.47 million.
The share buyback 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 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.