Akzo Nobel N.V. (OTCMKTS:AKZOY) shareholders today approved the separation of its Specialty Chemicals business as part of its strategy to create two focused, high performing businesses; Paints and Coatings and Specialty Chemicals. The approval came during its Extraordinary General Meeting (EGM) held today.
AkzoNobel intends to return the vast majority of the net proceeds from the separation of Specialty Chemicals to its shareholders – starting with advance proceeds of €1 billion ($1.2 billion) through a special cash dividend. The special dividend will be paid on December 7.
The separation of the Specialty Chemicals business was first proposed last Spring when
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