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Mergers & Acquisitions

AkzoNobel completes sale of specialty chemicals to Carlyle and GIC

by Marc S. Reisch
October 5, 2018 | APPEARED IN VOLUME 96, ISSUE 40

 

AkzoNobel has completed the sale of its specialty chemical business to the private equity firm Carlyle Group and its partner, GIC, a Singapore government-backed investment firm, for $11.6 billion. Akzo plans to return most of the proceeds to shareholders and focus on its core paint business. The Dutch firm decided to spin off or sell the specialty chemical operations in early 2017. It persevered with that plan despite several unsolicited takeover offers for the whole company from PPG Industries, a paint sector rival.

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