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AkzoNobel share buyback

November 15/2019

MOSCOW (MRC) -- AkzoNobel has repurchased 108,726 of its own ordinary shares in the period from November 4, 2019 up to and including November 8, 2019, at an average price of EUR83.25 per share, said the producer.

The consideration of the repurchase was EUR9.05 million.

This is part of a repurchase program announced on February 13, 2019. The total number of shares repurchased under this program to date is 29,072,111 ordinary shares for a total consideration of EUR2,301.35 million.

AkzoNobel intends to repurchase common shares up to a value of 2.5 billion as part of a total EUR6.5 billion being distributed to shareholders following the sale of the Specialty Chemicals business. The share buyback is due to be completed by the end of 2019.

In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates on the share buyback overview page.

As it was written before, AkzoNobel finalized the acquisition of BASFs global Industrial Coatings business, which supplies a range of products for industries including construction, domestic appliances, wind energy and commercial transport, strengthening its position as the global number one supplier in coil coatings.

As MRC informed earlier, BASF would expand the capacity of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The total investment adds about 400 000 tpy to BASFs production capacity for the corresponding products with an expected investment amount exceeding EUR500 million.

Ethylene is a feedstock for producing polyethylene (PE).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,255,800 tonnes in the first seven months of 2019, up by 9% year on year. Shipments of all PE grades increased.

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:PP, PE, ethylene, pigmentniy krasitel, paints and coatings, Akzo Nobel Functional Chemicals BV.
Category:General News
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