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Akzo Nobel to return 5.5 billion euros to shareholders after division sale

October 08/2018

MOSCOW (MRC) -- Dutch paintmaker Akzo Nobel would return 5.5 billion euros (USD6.4 billion) to shareholders after the sale of its specialty chemicals division closed this week, fulfilling a promise made in March to give shareholders a large majority of the proceeds, as per Reuters.

The company said it would buy back 2.5 billion euros of shares and distribute 1 billion euros in a special dividend. In addition, it will distribute 1 billion euros in paid-in capital.

Akzo sold its chemicals division for 10.1 billion euros to Carlyle Group (CG.O) in March, generating net proceeds of 7.5 billion euros. Akzo previously paid shareholders an extra dividend of 1 billion euros late last year.

Akzo decided to sell its chemicals division early last year, as it fended off a 26-billion-euro takeover offer by U.S. rival PPG Industries (PPG.N).

The refusal to talk to PPG led to a bitter fight with a large group of shareholders who went to court in an unsuccessful bid to oust chairman Antony Burgmans.

The capital distribution announced by Akzo on Tuesday is noteworthy because such payments are not subject to a 15 percent withholding tax on dividends in the Netherlands. The dividend tax only affects foreign shareholders and is set to be eliminated.

Akzo said the share buyback is expected to be completed by mid 2020.

Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, pigmentniy krasitel, compounding, compounds, petrochemistry, Akzo Nobel Functional Chemicals BV.
Category:General News
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