(PRESS RELEASE) AMSTERDAM, 8-Feb-2021 — /EuropaWire/ — Dutch multinational company which creates paints and performance coatings, Akzo Nobel N.V. announces that it no longer intends to acquire Tikkurila, following a competing, higher, offer for Tikkurila. Despite a strong cultural fit – and more synergies than any other combination with Tikkurila – the intended transaction no longer meets AkzoNobel’s criteria for superior value creation. On January 28, 2021, AkzoNobel submitted a binding proposal to acquire the Finnish manufacturer of paints and lacquers for €31.25 per share.
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 €300 million share buyback program and maintains a target leverage ratio of 1-2x net debt/EBITDA.
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SOURCE: Akzo Nobel N.V.