AkzoNobel shareholders approve split

AkzoNobel shareholders have approved the separation of its Specialty Chemicals business at an Extraordinary General Meeting.

The move is part of its strategy to create two focused, high performing businesses; Paints and Coatings and Specialty Chemicals. AkzoNobel intends to return the vast majority of the net proceeds from the separation to its shareholders, starting with advance proceeds of  €1bn through a special cash dividend which will be paid on 7 December, 2017.

Meanwhile, the EGM also confirmed the appointment of new chief financial officer Maarten de Vries as a member of the board of management, effective from 1 January, in addition to the appointment of three new members to the AkzoNobel supervisory board: Sue Clark, Patrick Thomas, and Michiel Jaski.

Thierry Vanlancker, chief executive officer, said, ‘We welcome Maarten de Vries to AkzoNobel. With his extensive international business experience he will further strengthen the leadership of our company. Today marks a significant milestone in the transformation of AkzoNobel into two focused high performing businesses, which remains on track for April 2018.’

Antony Burgmans, chairman of the supervisory board, added, ‘Today’s approval ensures we maintain momentum in the process to separate our Specialty Chemicals business. Our new appointments bring a wealth of new insight and experience to our Boards, supporting AkzoNobel to deliver sustainable growth and value creation.’