AkzoNobel no longer intends to acquire Tikkurila
After submitting a binding proposal to acquire Tikkurila for €31.25 per share on 28 January 2021, AkzoNobel no longer intends to pursue this acquisition, following a competing, higher offer for Tikkurila.
Thierry Vanlancker, CEO of AkzoNobel, said: “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 with its current €300 million share buyback program and maintains a target leverage ratio of 1-2x net debt/EBITDA.