AkzoNobel no longer intends to acquire Tikkurila and continues to focus on Grow & Deliver strategy
On February 8, 2021, AkzoNobel (AKZOY) announced its decision to withdraw from the acquisition of Tikkurila, initially proposed at €31.25 per share. This decision follows a competing higher offer for Tikkurila. CEO Thierry Vanlancker emphasized that the acquisition no longer meets their criteria for superior value creation, aligning with AkzoNobel's focus on growth and capital discipline. The company will continue with its €300 million share buyback program and aims for a target leverage ratio of 1-2x net debt/EBITDA.
- Continues focus on disciplined capital allocation strategy.
- Maintains €300 million share buyback program.
- Withdrawal from Tikkurila acquisition may limit market expansion opportunities.
February 8, 2021
AkzoNobel no longer intends to acquire Tikkurila and continues to focus on Grow & Deliver strategy
Akzo Nobel N.V. (AKZA; AKZOY) submitted a binding proposal to acquire Tikkurila for
Thierry Vanlancker, CEO of AkzoNobel, commented: “We have clear priorities and criteria for capital allocation, including investing for growth, paying dividends, conducting acquisitions, and carrying out share buybacks. The intended acquisition of Tikkurila can no longer compete with more attractive opportunities to create superior value for our shareholders and other stakeholders. Executing with discipline has been key to AkzoNobel’s transformation into a company with higher profitability and strong free cash flow. This is working well for us and part of who we are.”
AkzoNobel will continue delivering on its capital allocation priorities, including a disciplined approach to strategically aligned, value creating, acquisitions. The company continues its current
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This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.
About AkzoNobel
We’ve been pioneering a world of possibilities to bring surfaces to life for well over 200 years. As experts in making coatings, there’s a good chance you’re only ever a few meters away from one of our products. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from the most sustainable paints company, which has been inventing the future for more than two centuries.
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FAQ
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