The multinational AkzoNobel has repurchased 166,760 of its own ordinary shares in the period from April 4, 2022 to April 8, 2022 inclusive, at an average price of €78.08 per share. The amount of the repurchase was 13.02 million euros.
This maneuver is part of a buyback program announced on February 9, 2022. AkzoNobel intends to repurchase ordinary shares up to a value of €500 million. The total number of shares repurchased under this program to date is 1,019,202 common shares for a total amount of 79.41 million euros.
According to the company, the total share repurchase should be completed in the first quarter of 2023. The company has contracted a third party to manage the program and perform transactions on its behalf. It is intended that these shares will be cancelled after the repurchase.
In addition, this repurchase will be implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 22, 2021. The share buyback program will be conducted within the parameters prescribed by Market Abuse Regulation 596/2014 and the safe harbor, parameters prescribed by the commission’s delegated regulation 2016/1052 for share buybacks.
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