The Dutch paints and performance coatings specialist has bought back 796,840 of its own ordinary shares

In the last week of February, AkzoNobel NV, the Netherlands-based maker of paints and performance coatings, has bought back 796,840 of its own ordinary shares.

At an average of €79.69 per share, the buy-back operation returned €63.5m to investors, says Akzo Nobel.

A share repurchase reduces the number of shares on the open market, raising their value and discouraging other shareholders from taking a controlling stake.

AkzoNobel employs 34,500 people in more than 150 countries. It is a major supplier to the global boat and yacht sectors through such brands as Coral, Flexa, Sadolin, Sikkens, Awlgrip, International and Interpon.

AkzoNobel recently reported mixed 2018 results, citing adverse currency movements, pricier raw materials and lower volumes. It reported a 2018 operating income at €798m, down from €905m in 2017.

In 2017, the company resisted a €26bn takeover bid from American rival PPG Industries.