The Netherlands: Company Management Akzo Nobel to Conduct 2 Billion Dollar Capital Repayment and Share Consolidation
All the resolutions have been given the ‘go-ahead’ by the shareholders of the company. The voting was undertaken at the firm’s extraordinary general meeting.
The Netherlands – Akzo Nobel shareholders have recently voted in favour of all resolutions at the company’s Extraordinary General Meeting (EGM). The capital repayment and share consolidation, agreed by a majority of shareholders, follows completion of the sale of the Specialty Chemicals business.
A special cash dividend of around 1 billion dollars and share buyback of 2.8 billion dollars will be conducted following the capital repayment and share consolidation. This is in addition to about 1 billion dollar advance proceeds distributed by a special cash dividend paid on December 7, 2017.
A total of 7.32 billion dollars will be distributed to shareholders. Akzo Nobel explains that the approval of its shareholders means that the company 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.