News Markets & Companies News
Akzo Nobel proposes to separate powder coatings business from its Indian subsidiary
Akzo Nobel has confirmed that it’s made an offer to acquire the powder coatings operations and International Research Center from its publicly listed subsidiary, Akzo Nobel India Limited.
The offer also includes transferring the intellectual property for the local decorative paints business to its Indian subsidiary. The transactions will make Akzo Nobel India a more focused liquid paints and coatings business, and allow it to become fully brand and technology independent in its core decorative paints business.
The Board of Directors of Akzo Nobel India has accepted Akzo Nobel’s offer. Execution of the transactions remains subject to the subsidiary’s shareholder approval and the Dutch company’s Supervisory Board approval. The Indian subsidiary will seek its shareholders’ approval in the coming weeks, with the voting process expected to conclude one month later.
