AkzoNobel (AKZA; AKZOY) has repurchased 236,000 of its own common shares in the period from November 15, 2021, up to and including November 19, 2021, at an average price of €102.84 per share. The consideration of the repurchase was €24.27 million.
This is part of a repurchase program announced on February 17, 2021. AkzoNobel intends to repurchase common shares up to a value of €1 billion. The total number of shares repurchased under this program to date is 6,951,472 ordinary shares for a total consideration of €707.28 million.
The share buyback is due to be completed in the first quarter of 2022. 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, 2021. 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
We’ve been pioneering a world of possibilities to bring surfaces to life for well over 200 years. As experts in making coatings, there’s a good chance you’re only ever a few meters away from one of our products. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from the most sustainable paints company, which has been inventing the future for more than two centuries.