AkzoNobel: Details of €2bn Capital Repayment After Speciality Chemicals Sale

AkzoNobel (AKZA; AKZOY) today announced details of the capital repayment and share consolidation approved by shareholders on November 13, 2018.

The record date for shareholders holding common shares will be at the close of trading hours for Euronext Amsterdam on January 23, 2019. A share consolidation ratio of 9:8 will be effective on January 24, 2019 and shareholders will receive a capital repayment of €8.78 per common share on January 25, 2019.

This €2 billion capital repayment is part of a total €6.5 billion being distributed to shareholders following the sale of the Specialty Chemicals business. A special cash dividend of €1 billion will be paid in February 2019 and a share buyback program of €2.5 billion will commence soon, in addition to €1 billion advance proceeds distributed by a special cash dividend paid in December 2017.

More information can be found here. 

Source : Insight DIY Team

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