AkzoNobel: to return 5.5 billion euros to shareholders
(CercleFinance.com) - AkzoNobel plans to return 5.
5 billion euros to shareholders as the Dutch paints and coatings maker yesterday closed the sale of its specialty chemicals business.
The group has completed the sale of the specialty chemicals business to US private equity firm Carlyle and Singapore sovereign wealth fund GIC for an enterprise value of 10.1 billion euros.
The 5.5 billion euros will be distributed using a capital repayment and share consolidation of 2 billion euros, special cash dividend of 1 billion euros and a share buyback of 2.5 billion euros, AkzoNobel said.
The commitment to return an additional 5.5 billion euros adds to the 1 billion euros advance that was made through a special cash dividend in December 2017.
The total 6.5 billion euros to be distributed to shareholders will represent the vast majority of the 7.5 billion euros net proceeds from the divestment of the specialty chemicals business, Akzo added.
The remaining proceeds will be used for debt repayment, costs associated with the transformation and acquisitions, AkzoNobel said.
On this subject, AkzoNobel has completed yesterday the acquisition of Fabryo, becoming number one on the Romanian decorative paints market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 billion euros to shareholders as the Dutch paints and coatings maker yesterday closed the sale of its specialty chemicals business.
The group has completed the sale of the specialty chemicals business to US private equity firm Carlyle and Singapore sovereign wealth fund GIC for an enterprise value of 10.1 billion euros.
The 5.5 billion euros will be distributed using a capital repayment and share consolidation of 2 billion euros, special cash dividend of 1 billion euros and a share buyback of 2.5 billion euros, AkzoNobel said.
The commitment to return an additional 5.5 billion euros adds to the 1 billion euros advance that was made through a special cash dividend in December 2017.
The total 6.5 billion euros to be distributed to shareholders will represent the vast majority of the 7.5 billion euros net proceeds from the divestment of the specialty chemicals business, Akzo added.
The remaining proceeds will be used for debt repayment, costs associated with the transformation and acquisitions, AkzoNobel said.
On this subject, AkzoNobel has completed yesterday the acquisition of Fabryo, becoming number one on the Romanian decorative paints market.
Copyright (c) 2018 CercleFinance.com. All rights reserved.