25 January 2007 11:42 [Source: ICIS news]
LONDON (ICIS news)--Akzo Nobel is sticking to its plan to divest its pharmaceutical business Organon through an initial public offering (IPO) after rejecting recent proposals from private equity firms to buy the unit as a whole, the company said on Thursday.
Akzo said it had reviewed the offers from the perspective of long-term shareholder value creation but had decided not to divert resources away from pursuing the Organon listing within the original planned timeline of early 2007.
The company hopes to list 20-30% of Organon shares.
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