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(Your email address will not be published)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?


Have you seen a greater interest in tiling from younger consumers, as a result of social media influences?


Latest reader comments

re: Hardware store wins fight against music licence body

Will
I am treasurer or a sports and social club and have a £724 bill from PPLPRS. Part of the bill is for dance clases, but a lot of the cost is ...

re: The man who put the Q in B&Q visits latest store

B&Q bob
The old BQ that he built respected staff loyalty and rewarded those willing to learn extra to be able to advise customers. The new BQ cut ...

re: Builder wins Toolstation's prize draw pick-up

Rob Burns
First time in store Dudley. Steph helped me find what i was looking for, so now will be my first place to use....

re: Homeowners worry over-the-top smart security might attract burglars

AndyH
No Way,I call BS on that one. Burglars have always been detrerred by obvoius expensive alram systems, window marking and security lighting. ...

re: Kingfisher study reveals the home is more important to happiness than our jobs

B&Q bob
Ironic then that kingfisher has altered it's staffs Hours so we get to spend less time with our families in our homes than ever before. ...

Most read stories