Akzo Nobel's special chemicals division eyed by several suitors; bidding process to start in September – report (translated)
09 JUN 2017
The special chemicals division of the Dutch paints and chemicals company Akzo Nobel [AKZA:EN Amsterdam], is drawing interest from several parties, the Dutch daily De Financiële Telegraaf reported, citing an interview published Thursday (8 June), in a newswire.
Thierry Vanlancker, the head of Akzo's chemicals division, in his interview with news agency Bloomberg, said that the bidding process for the division will start in September. At the same time, Akzo Nobel is also exploring the possibilities of an IPO for the division. It should be clear by early November whether the company decides to sell the chemicals division or bring the division to the stock market, the report said.
Earlier this year, the US based company PPG Industries [NYSE:PPG] made a takeover offer to acquire the entire company of Akzo Nobel. Akzo Nobel was opposed to this bid and responded with its decision to offer its chemicals division for sale. By selling this division and factually splitting Akzo Nobel up into two companies, the shareholders will receive more value for their money, Akzo Nobel announced. PPG finally withdrew its bid.
Akzo Nobel has hired Lazard, HSBC and JPMorgan to guide the split up of the company. It is expected this process will be finished by the first half of 2018, the report said.