AkzoNobel shareholders approve separation of Specialty Chemicals
Akzo Nobel N.V's (AkzoNobel) shareholders have approved the separation of its Specialty Chemicals business at Extraordinary General Meeting (EGM) as part of its plan to create two focused, high-performing businesses - Paints and Coatings and Specialty Chemicals.
This approval allows the company to separate its Specialty Chemicals business, either through a private divestment or legal demerger.
The separation ensures the required flexibility to obtain an optimal result for shareholders and other stakeholders.
As previously declared, AkzoNobel plans to return the significant part of the net proceeds from the separation of Specialty Chemicals to its shareholders, beginning with advance proceeds of €1bn through a special cash dividend, which will be paid on 7 December.
Akzo Nobel N.V. CEO Thierry Vanlancker said: “We welcome Maarten de Vries to AkzoNobel. With his extensive international business experience he will further strengthen the leadership of our company. This marks a significant milestone in the transformation of AkzoNobel into two focused high-performing businesses, which remains on track for April 2018.”
The shareholders also approved the appointment of new Chief Financial Officer Maarten de Vries as a member of the board of management, effective 1 January, in addition to the appointment of three new members - Sue Clark, Patrick Thomas, and Michiel Jaski - to the AkzoNobel supervisory board.
Akzo Nobel N.V. supervisory board chairman Antony Burgmans said: “The 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.”