Akzo Nobel today announced details of the capital repayment and share consolidation approved by shareholders when it voted in favour of all resolutions at the company's Extraordinary General Meeting (EGM) last November, following the sale of its speciality chemicals division for €10.1billion to The Carlyle Group and GIC.

The record date for shareholders holding common shares will be at the close of trading hours for Euronext Amsterdam on January 23, 2019. A share consolidation ratio of 9:8 will be effective on January 24, 2019 and shareholders will receive a capital repayment of €8.78 per common share on January 25, 2019.

This €2 billion capital repayment is part of a total €6.5 billion being distributed to shareholders following the sale of the Specialty Chemicals business. A special cash dividend of €1 billion will be paid in February 2019 and a share buyback program of €2.5 billion will commence soon, in addition to €1 billion advance proceeds distributed by a special cash dividend paid in December 2017.

With a stronger focus on its decorative paints and coatings operations, Akzo has recently completed acquisitions in Spain, Romania and Malaysia, as well as taking full ownership of Swire Industrial Limited's minority interest in the Akzo Nobel Swire Paints (ANSP) joint venture. Having held the majority share in the decorative paints joint venture since 1989 taking full ownership has strengthened Akzo Nobel's leading position in the Chinese decorative paints market while also increasing the flexibility to further develop the business, the company had reported.

Akzo Nobel supervisory board chairman Nils Andersen said: “The approval of our shareholders means we can continue delivering on the commitment to return the vast majority of net proceeds from the separation of the Specialty Chemicals business. Akzo Nobel is now a focused paints and coatings company, well positioned to deliver significant returns to shareholders and create value for all stakeholders.”