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Home  > Markets & companies  > Coatings market  > Akzo Nobel sells 75.8 % stake in ICI Pakistan

Tuesday, 20 August 2019
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Markets & companies, Coatings market

Akzo Nobel sells 75.8 % stake in ICI Pakistan

Monday, 30 July 2012

AkzoNobel signs agreement to sell its shares in ICI Pakistan to the Yunus Brothers Group.

AkzoNobel to sell its shareholding in ICI Pakistan Limited to the Yunus Brothers Group for EUR 124.4 million. Source: Goos La - Fotolia.com

AkzoNobel to sell its shareholding in ICI Pakistan Limited to the Yunus Brothers Group for EUR 124.4 million. Source: Goos La - Fotolia.com

AkzoNobel has reached an agreement to sell its 75.81 % shareholding in ICI Pakistan Limited to the Yunus Brothers Group for EUR 124.4 million. The transaction is expected to be completed towards the end of this year, once regulatory approvals have been obtained and the purchaser has completed a legally required tender offer for at least 50 % of the shares in ICI Pakistan held by the other shareholders. The price is subject to adjustments for cash/debt as at the date competition clearance is obtained and for interest from that date until closing.

The agreement follows the successfully completed restructuring of AkzoNobel's activities in Pakistan last month, which entailed the demerger of ICI Pakistan's paints and coatings businesses into the new listed company, AkzoNobel Pakistan Limited. The newly formed company is 75.81 % owned by the Dutch coatings producer and continues to focus on Decorative Paints, Performance Coatings and Specialty Chemicals.

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