Essential reading for retailers and suppliers in the home improvement market

Akzo delivers on promise to shareholders

Published: 19 November 2018 - Fiona Garcia
 

Akzo Nobel announces it is to conduct €2 billion capital repayment and share consolidation, returning vast majority of net proceeds from sale of its specialty chemicals business, stating it is now “a focused paints and coatings company”.

Akzo Nobel shareholders voted in favour of all resolutions at the company's Extraordinary General Meeting (EGM) last week, following the sale of its speciality chemicals division for €10.1billion to The Carlyle Group and GIC.

The capital repayment and share consolidation, agreed by a majority of shareholders, follows completion of the sale of Akzo’s Specialty Chemicals business.

A special cash dividend of €1billion and share buyback of €2.5billion will be conducted following the capital repayment and share consolidation. This is in addition to €1billion advance proceeds distributed by a special cash dividend paid on December 7, 2017. A total of €6.5billion will have been distributed to shareholders.

With a stronger focus on its decorative paints and coatings operations, Akzo has recently completed acquisitions in Spain, Romania and Malaysia, stepping up its market share in these markets. 

Akzo Nobel supervisory board chairman Nils Andersen said: “The approval of our shareholders means we can continue delivering on the commitment to return the vast majority of net proceeds from the separation of the Specialty Chemicals business. Akzo Nobel is now a focused paints and coatings company, well positioned to deliver significant returns to shareholders and create value for all stakeholders.”

 

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?


Are we seeing a rise in consumers interested in smart home security?



Latest reader comments

re: Further Homebase closures ahead

Shaun Collorick
Cheltenham homebase has closing down signs outside, but not Gloucester homebase.... Yet!...

re: B&Q sales slide, as Screwfix decision to exit German market costs millions

B&Q bob
No surprises from us on the shopfloor management paralysed by fear of jobs and to weak to take chances so bumble around. Ranges boring, and ...

re: Further Homebase closures ahead

Miss l'a tesha gc Wilson
Please keep me updated regards all Store closures Thank you...

re: Graham Bell to head up B&Q as part of Kingfisher reshuffle

Peter Earl
I HOPE GRAHAM BELL THE NEW CEO OF B&Q GETS TO GRIPS OF THE COMPANY VERY SOON.MY WIFE WENT FROM SHADOXHURST TO GILLINGHAM TO GET SOME ...

re: Quick and easy wood treatment oil from Frogsuit

Helen
hi, I have some brand new teak garden furniture would the clear be suitable to keep the new look of the wood....

Most read stories