Deals
Akzo Is Said to Put Apollo, Bain on Chemical Unit Shortlist
- Four parties move into second round of bidding for operation
- Carlyle and Lanxess also bid as Dutch company mulls breakup
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Akzo Nobel NV narrowed the list of bidders for its chemical division to four, with the team of Lanxess AG and private equity firm Apollo Global among those making the grade, people with knowledge of the matter said.
Carlyle Group, a partnership between Advent International and Bain Capital, and Dutch buyout firm Hal Investments BV are also in the running for the asset, said the people, who asked not to be identified because the matter is private. The maker of Dulux paint hasn’t yet decided whether to sell or spin off the business, which is expected to fetch about 10 billion euros ($12 billion).