Deals
Akzo Nobel Sells Chemicals Unit to Carlyle for $12.5 Billion
- Dutch company to focus on paints, coatings after sale
- Chemicals business also attracted bids from Apollo, Advent
Akzo Nobel Sells Chemicals Unit to Carlyle
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Akzo Nobel NV’s sale of its specialty chemicals unit to U.S. private equity firm Carlyle Group for 10.1 billion euros ($12.5 billion) is set to transform the Dutch company into a more focused supplier of paints and coatings.
The decision unveiled Tuesday comes a year after the manufacturer first rebuffed a hostile $29 billion takeover attempt by rival PPG Industries Inc., a move that helped pave the way for Chief Executive Officer Thierry Vanlancker to break up the company. With investors poised to get an estimated 6 billion-euro payout from the proceeds, Akzo Nobel shares rose as much as 5.7 percent, the most in almost a year.