Industry News

AkzoNobel Share Buyback Program

Published on 2008-09-30. Author : SpecialChem

AkzoNobel has announced that, in line with the launch of its share buyback program on March 17, 2008, the company has repurchased 2,295,227 ordinary shares in the period September 22 until September 26, 2008. Shares were repurchased at an average price of €38.18.

The total number of shares repurchased under this program to date is 31,746,972 ordinary shares for a total consideration of €1.437 billion.

Further to the earlier announcement today, with €1.8 billion of our net debt due to mature in the next eight months - and given the current volatile situation in the financial capital markets - the company has decided to temporarily defer the remaining €1.6 billion of the program, until the refinancing of the bonds has been completed. The company remains committed to maintaining its dividend and its A-minus credit rating.

About AkzoNobel:

AkzoNobel is proud to be one of the world's leading industrial companies. Based in Amsterdam, the Netherlands, we make and supply a wide range of paints, coatings and specialty chemicals - pro forma 2007 revenue totaled €14.4 billion. In fact, we are the largest global paints and coatings company. As a major producer of specialty chemicals we supply industries worldwide with quality ingredients for life's essentials. We think about the future, but act in the present. We're passionate about introducing new ideas and developing sustainable answers for our customers. That's why our 60,000 employees - who are based in more than 80 countries - are committed to excellence and delivering Tomorrow's Answers Today.

Source: AkzoNobel

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