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Akzo Nobel to sell chemical arm to Carlyle, Singapore's GIC for $12 billion

Akzo first announced plans to sell the business, which accounts for a third of its sales and profit, in April, as it looked to evade a takeover from rival PPG Industries

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Akzo Nobel

Reuters 

Akzo Nobel has agreed to sell its specialty chemicals business to US private equity firm Carlyle Group and Singapore’s GIC for €10.1 billion ($12.6 billion), including debt. The net proceeds of the deal are expected to amount to €7.5 billion, Akzo said, with the bulk going to shareholders. Akzo first announced plans to sell the business, which accounts for a third of its sales and profit, in April, as it looked to evade a takeover from rival PPG Industries. The company considered both a private sale and a separate stock listing for the chemicals division, ...

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First Published: Tue, March 27 2018. 20:23 IST
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