AkzoNobel will repurchase up to 2.5 million ordinary shares, which would be equivalent to approximately €150 million based on the closing price of AkzoNobel shares on December 12, 2016. The purpose of the program is to neutralize the dilutive effect of stock dividends paid in 2016.
Subject to shareholder approval it is intended the shares will be cancelled during the course of 2017. This share repurchase program will start on January 2, 2017 and is anticipated to be concluded by the end of April 2017.
In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates: Latest Media Releases
In 2008, AkzoNobel bought back 31,746,972 shares totaling €1,437 million at an average price of €45.26 per share, corresponding to 12.1 percent of its share capital. The total number of outstanding shares on December 31, 2008, following the deduction of 31,746,972 shares that were bought back and canceled, was 231,664,187. Based on a year-end share price of €29.44, the market capitalization was €6.8 billion.
