AkzoNobel to conduct €2 billion capital repayment and share consolidation, returning vast majority of net proceeds from sal...

November 13, 2018

AkzoNobel shareholders approve all resolutions at EGM

Akzo Nobel N.V. (AKZA; AKZOY)

AkzoNobel shareholders have today voted in favor of all resolutions at the company's Extraordinary General Meeting (EGM).

The capital repayment and share consolidation, agreed by a majority of shareholders, follows completion of the sale of the Specialty Chemicals business.

A special cash dividend of €1 billion and share buyback of €2.5 billion will be conducted following the capital repayment and share consolidation. This is in addition to €1 billion advance proceeds distributed by a special cash dividend paid on December 7, 2017.

A total of €6.5 billion will have been distributed to shareholders.

Nils Andersen, Chairman of AkzoNobel's Supervisory Board, commented: "The approval of our shareholders means we can continue delivering on the commitment to return the vast majority of net proceeds from the separation of the Specialty Chemicals business. AkzoNobel is now a focused paints and coatings company, well positioned to deliver significant returns to shareholders and create value for all stakeholders."
  
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About AkzoNobel
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 35,000 talented people who are passionate about delivering the high performance products and services our customers expect.

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Source: AkzoNobel NV via Globenewswire