Arnhem, the Netherlands, April 24, 2007 - Akzo Nobel (Euronext Amsterdam: AKZ; Nasdaq: AKZOY) has announced that it will commence a EUR 1.6 billion open market share buyback program on May 3, 2007. At the current share price, this represents approximately 10% of the common shares outstanding.
Subject to shareholder approval at tomorrow's AGM, the repurchased shares will be cancelled. ING Wholesale Banking will execute the open market repurchase program, which is expected to be completed by the end of 2007. The repurchase price will be based on the daily VWAP (Volume Weighted Average Price) and the program will be in full compliance with the Safe Harbor trading and volume restrictions of the Market Abuse Directive.
Akzo Nobel will provide weekly progress updates to the market.
Akzo Nobel will provide weekly progress updates to the market.
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Note to editors
Akzo Nobel is a Fortune Global 500 company and is listed on both the Euronext Amsterdam and NASDAQ stock exchanges. It is also included on the Dow Jones Sustainability Indexes and FTSE4Good Index. Based in the Netherlands, we are a multicultural organization serving customers throughout the world with human and animal healthcare products, coatings, and chemicals. We employ around 62,000 people and conduct our activities in these four segments, with operating subsidiaries in more than 80 countries. Consolidated revenues for 2006 totaled EUR 13.7 billion. The financial results for the second quarter will be published on July 24, 2007.
Internet: www.akzonobel.com
Not for publication - for more information
Akzo Nobel nv
Corporate Media Relations, tel. +31 26 366 43 43
Contact: Tim van der Zanden
