LONDON: Akzo Nobel NV is selling its specialty chemicals unit to US private equity firm Carlyle Group for 10.1 billion euros (US$12.5bil) in a deal set to transform the Dutch company into a supplier of paints and coatings.
A supervisory board meeting ran late into the night as executives discussed different bids and whether to sell or list the division, chief executive officer Thierry Vanlancker said on a call yesterday after unveiling the decision. Carlyle and Singapore sovereign-wealth partner GIC edged out rivals by agreeing to keep the business intact and giving assurances on workers’ salaries and benefits.
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