AkzoNobel intends to repurchase common shares up to a value of €2.5bn as part of a total €6.5bn being distributed to shareholders following the sale of the Specialty Chemicals business.
The share buyback will start on or around February 25, 2019 and is due to be completed by the end of 2019.
AkzoNobel will engage a third party to manage the programme and execute transactions on its behalf.
It is intended that the shares will be cancelled following repurchase.
The share buyback will be executed within the limitations of the authority granted by the Annual General Meeting (AGM) on April 26, 2018 and the authority granted by future AGMs.
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.