AkzoNobel announces Extraordinary General Meeting on November 30, 2017
October 18 2017 - 01:02AM
October 18, 2017
Akzo Nobel N.V. (AKZA.AS; AKZOY)
AkzoNobel today announces an Extraordinary General
Meeting (EGM) to be held on November 30, 2017.
The agenda includes:
-
The proposal to appoint Mr. Maarten de Vries as
member of the Board of Management, with effect from January 1, 2018
(voting point).
-
The proposal to appoint as members of the
Supervisory Board, with effect from November 30, 2017:
-
Either (i) Mr. Patrick Thomas or (ii) Mr. Eric
Meurice (voting point)
-
Ms. Sue Clark (voting point)
-
Mr. Michiel Jaski (voting point)
-
The approval of the separation of the Specialty
Chemicals business from AkzoNobel through a private sale or a legal
demerger (voting point)
The proposal to appoint Mr. De Vries as member of
the Board of Management follows our earlier announcement that Mr.
De Vries will be designated by the Boards as Chief Financial
Officer (CFO), starting January 1, 2018, upon his appointment by
the General Meeting.
AkzoNobel today announces changes to the
Supervisory Board, including the nomination of new members of the
Supervisory Board.
The requested approval for the separation of the
Specialty Chemicals business will enable AkzoNobel to pursue a
dual-track process for the separation, in accordance with the
announcement of our revised strategy on April 19, 2017. The
dual-track process ensures appropriate flexibility necessary to
obtain an optimal result for shareholders and other stakeholders as
well as certainty of execution.
In case the Boards decide to pursue a legal
demerger, this would entail that AkzoNobel 'spins off' the
Specialty Chemicals business to a separated listed company, of
which the shares will be allotted to the shareholders of
AkzoNobel.
As previously announced AkzoNobel intends to
return the vast majority of the net proceeds of the separation of
Specialty Chemicals to its shareholders - starting with advance
proceeds of a €1 billion special cash dividend following
shareholder approval at the General Meeting. The special dividend
will be paid out on December 7, 2017.
Antony Burgmans, Chairman of the
Supervisory Board, commented:
"The requested approval for the separation of the Specialty
Chemicals business will allow us to take the next step in value
creation. It will enable AkzoNobel to unlock the full potential of
the Paints and Coatings business and the Specialty Chemicals
business, to the benefit of our shareholders and other
stakeholders.
"Following approval of the separation, our
shareholders will receive a €1 billion special dividend which
reflects our confidence in the proposed separation."
Further details on the requested shareholder
approval for the separation of the Specialty Chemicals business are
available in a Shareholder Circular, the EGM Agenda with
explanatory notes and other documents on the demerger proposal,
which are available on the website (www.akzonobel.com).
This is a public announcement by
Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European
Market Abuse Regulation (596/2014).
- - -
About AkzoNobel
AkzoNobel creates everyday essentials to make
people's lives more liveable and inspiring. As a leading global
paints and coatings company and a major producer of specialty
chemicals, we supply essential ingredients, essential protection
and essential color to industries and consumers worldwide. Backed
by a pioneering heritage, our innovative products and sustainable
technologies are designed to meet the growing demands of our
fast-changing planet, while making life easier. Headquartered in
Amsterdam, the Netherlands, we have approximately 46,000 people in
around 80 countries, while our portfolio includes well-known brands
such as Dulux, Sikkens, International, Interpon and Eka.
Consistently ranked as a leader in sustainability, we are dedicated
to energizing cities and communities while creating a protected,
colorful world where life is improved by what we do.
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AkzoNobel
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Safe Harbor
Statement
This press release contains statements which address key issues
such as AkzoNobel's growth strategy, future financial results,
market positions, product development, products in the pipeline and
product approvals. Such statements should be carefully considered,
and it should be understood that many factors could cause
forecasted and actual results to differ from these statements.
These factors include, but are not limited to, price fluctuations,
currency fluctuations, developments in raw material and personnel
costs, pensions, physical and environmental risks, legal issues,
and legislative, fiscal, and other regulatory measures. Stated
competitive positions are based on management estimates supported
by information provided by specialized external agencies. For a
more comprehensive discussion of the risk factors affecting our
business please see our latest annual report, a copy of which can
be found on our website: www.akzonobel.com.
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Source: AkzoNobel NV via Globenewswire
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