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AkzoNobel (AKZA; AKZOY) has repurchased 260,040 of its own common shares in the period from June 13, 2022, up to and including June 17, 2022, at an average price of €69.95 per share. The consideration of the repurchase was €18.19 million.
This is part of a repurchase program announced on February 9, 2022. 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 2,647,901 ordinary shares for a total consideration of €207.69 million.
The share buyback is due to be completed by the first quarter of 2023. 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.
This share buyback will be implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 22, 2022. 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 and at https://www.akzonobel.com/en/investors/share-buyback-overview
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