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Arnhem, Netherlands, Mar 17, 2008 - (ABN Newswire) - Amsterdam, the Netherlands, March 17, 2008 - Akzo Nobel will start a share repurchase program of up to €1 billion today, as a first tranche of the previously announced €3 billion share buyback program. At the current share price, this first tranche represents approximately 7.5 percent of the common shares outstanding. Subject to shareholder approval, Akzo Nobel intends to cancel the repurchased shares.
The repurchase price will be based on the daily VWAP (Volume Weighted Average Price) and the program will fully comply with the Safe Harbor trading and volume restrictions of the Market Abuse Directive. Akzo Nobel will provide weekly progress updates to the market. ING Wholesale Banking will carry out this €1 billion open market repurchase program.
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Note to editors Akzo Nobel is one of the world's leading industrial companies. We are the largest global coatings manufacturer and the number one in decorative paints and performance coatings, as well as being a major worldwide supplier of specialty chemicals. We employ around 60,000 people in more than 80 countries and are committed to developing innovative products and cutting-edge sustainable technologies. We endeavor to deliver whatever our customers require, wherever and whenever they need it. Based in the Netherlands, Akzo Nobel is a Fortune Global 500 company and is listed on the Euronext Amsterdam stock exchange. We are the Chemicals industry leader on the Dow Jones Sustainability Indexes, as well as being included on the FTSE4Good Index. Pro forma combined revenue for 2007 totaled €14.4 billion. The financial results for the first quarter will be published on May 7, 2008.
Internet: www.akzonobel.com Not for publication - for more information Akzo Nobel nv Corporate Media Relations, tel. +31 20 502 7833 Contact: Tim van der Zanden Corporate Investor Relations, tel. +31 20 502 7854 Contact: Dick Luijckx
