AMSTERDAM – Paint and wood coatings specialist AkzoNobel said it has repurchased 204,347 of its common shares between as part of a share buyback program announced in late October.
The company repurchased these shares from Dec. 7-11 at an average price of euro 88.25 per share. This is part of a plan to repurchase common shares up to a value of euro 300 million. The buyback program commenced Dec. 7.
The company has engaged a third party to manage the program and perform transactions on its behalf. It intends to complete the share buyback in the first half of 2021 and the shares will be cancelled following the repurchase.
The company said that in accordance with regulations, it will continue to inform the market of the progress of this initiative and will post weekly updates on its website.
I’m Tom Russell and have worked at Furniture/Today since August 2003.