AkzoNobel NV (AkzoNobel) said that its shareholders have approved the separation of its speciality chemicals business as part of its strategy to create two focused, high performing businesses; paints and coatings and speciality chemicals.
The appointment of new chief financial officer (CEO) Maarten de Vries as a member of the board of management, effective January 1 was also approved, in addition to the appointment of three new members to the AkzoNobel Supervisory Board: Sue Clark, Patrick Thomas, and Michiel Jaski.
Shareholder approval enables AkzoNobel to separate its speciality chemicals business through a private sale or legal demerger. The dual-track process ensures the appropriate flexibility necessary to obtain an optimal result for shareholders and other stakeholders as well as the certainty of execution.
As previously announced, AkzoNobel intends to return the vast majority of the net proceeds from the separation of Specialty Chemicals to its shareholders – starting with advance proceeds of €1 billion through a special cash dividend. The special dividend will be paid on December 7, 2017.
Read More: AkzoNobel shareholders approve separation of speciality chemicals biz
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