AkzoNobel: buys back 46.9 million euros of shares

(CercleFinance.com) - Dutch paint maker AkzoNobel said on Monday that it bought back 46.
9 million euros worth of its own shares over the past week as part of its plans to return cash to shareholders.

The company has repurchased 585,054 of its ordinary shares from 1 April up to and including 5 April, at an average price of 80.10 euros per share.

This is part of the repurchase program announced in February that has seen the firm buy back 4.68 million of its own shares, for a total consideration of 373.9 million euros to date.

As a reminder, AkzoNobel intends to repurchase common shares up to a value of 2.5 billion euros as part of a total 6.5 billion euros being distributed to shareholders following the sale of its specialty chemicals business.

The share buyback is due to be completed by the end of 2019.

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