Akzo Nobel Announces Non-binding Proposal To Acquire Tikkurila - Quick Facts

(RTTNews) - Akzo Nobel N.V. (AKZOY.PK, AKZOY) has made a non-binding proposal to acquire Tikkurila for 31.25 euros per share resulting in a total equity value of around 1.4 billion euros. AkzoNobel stated that it has agreed with Hempel key terms for the sale of assets, including the decorative paints business of AkzoNobel in the Nordics and the Baltics, to be completed after closing of the company's proposed public offer for Tikkurila.

Akzo Nobel expects the transaction to be earnings per share accretive in 2022. AkzoNobel said the company will continue its current 300 million euros share buyback program.