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Akzo Nobel shareholders approve chemicals split

December 06/2017

MOSCOW (MRC) - Akzo Nobel gained shareholder approval on Thursday to spin off its 10 billion euro (USD11.9 billion) chemicals division as part of plans to placate investors after the Dutch paintmaker rejected a takeover offer from rival PPG Industries (PPG.N), said the company on its web-site.

The sale of the chemicals operation was described by Chief Executive Thierry Vanlancker as "essential" for further growth of the company and was backed by 99.9 percent of shareholders in a vote in Amsterdam.

Akzo had clashed with a large part of its shareholder base this year after management refused to negotiate with PPG over a 26 billion euro offer.

The company said at the time that it wanted to "unlock value" by spinning off its chemicals business, either through a direct sale or an initial public offering (IPO). The majority of the proceeds are earmarked for investors, starting with a special dividend of 1 billion euros in December.

Akzo expects the separation of the chemicals division, which has annual revenue of 4.8 billion euros and more than 9,000 employees worldwide, to be completed in April.
Author:Anna Larionova
Tags:pigmentniy krasitel, construction, paints and coatings, Akzo Nobel Functional Chemicals BV, Netherlands.
Category:General News
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