28 August 2006 00:00 [Source: ICB]
Akzo Nobel is selling 20-30% of its Organon Biosciences unit through an initial public offering (IPO), which is expected in early 2007, on the Euronext exchange in Amsterdam, the Netherlands.
The Organon IPO follows Akzo Nobel's decision to split into two separate companies.
Akzo Nobel will retain the chemicals and coatings arm and Organon BioSciences will keep the pharmaceuticals business.
Organon BioSciences will include the human health business, Organon and Intervet, as well as the animal healthcare and products division.
Akzo Nobel plans to fully separate the pharmaceuticals business within three years and will ask shareholders to vote on the idea at an Extraordinary General Meeting on 7 September.
'We have now reached the point where we can seek shareholder approval for the separation,' said Hans Wijers, Akzo Nobel chairman.
'The EGM is another step towards achieving our goal of a fully independent Organon BioSciences,' says Wijers.
'Our separation process is on track. We have received positive advice from our works council, and we look forward to the agreement of our shareholders.'
Akzo Nobel said the timing and structure of the separation will depend on market conditions.
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