AkzoNobel (AKZA; AKZOY) today starts to repurchase common shares up to a value of €1bn, launching the share buyback announced on February 17, 2021. Completion is due in the first quarter of 2022.
The company has engaged a third party to manage the programme 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 programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the safe harbour 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
