AkzoNobel (Euronext Amsterdam: AKZ) has announced that, in line with the launch of its €1 billion share buyback program on March 17, 2008, the company has repurchased 1,539,492 ordinary shares in the period July 21 until July 25, 2008. Shares were repurchased at an average price of €43.03.
The total number of shares repurchased under this program to date is 20,132,263 ordinary shares for a total consideration of €977.6 million.
The €1 billion program is the first tranche of a €3 billion share buyback program. We expect to conclude this first €1 billion tranche in the course of this week.
The share buyback program will continue with the start of the second €1 billion tranche this week and we expect it to be completed by the end of 2008.
For detailed information on the daily repurchased shares, see the AkzoNobel website at http://www.akzonobel.com/investor_relations/share_buyback_overview/index.aspx
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AkzoNobel is proud to be one of the world's leading industrial companies. Based in Amsterdam, the Netherlands, we make and supply a wide range of paints, coatings and specialty chemicals - pro forma 2007 revenue totaled €14.4 billion. In fact, we are the largest global paints and coatings company. As a major producer of specialty chemicals we supply industries worldwide with quality ingredients for life's essentials. We think about the future, but act in the present. We're passionate about introducing new ideas and developing sustainable answers for our customers. That's why our 60,000 employees - who are based in more than 80 countries - are committed to excellence and delivering Tomorrow's Answers Today(TM).
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