UpdateAkzo Nobel completes ICI-related sales

19 August 2008 18:16  [Source: ICIS news]

LONDON (ICIS news)--AkzoNobel has agreed to sell its Crown Paints business in the UK and Ireland plus two Belgian brands, completing a series of divestments agreed with the European Commission in relation to its acquisition of ICI, it said on Tuesday.   

 

Crown Paints is to be sold to independent private equity house Endless LLP while the Belgian brands DeKeyn and Linitop will go to French coatings producer Rieu Investissements.

 

"These divestments are a consequence of the commitment package which was agreed with the European Commission in connection with AkzoNobel's acquisition of Imperial Chemical Industries (ICI) in January 2008," AkzoNobel said in a statement. 

 

In June AkzoNobel agreed the divestment of two Canadian decorative paints brands, also in connection with the ICI acquisition which was finalised in January this year. 

 

"Subject to approval by the European Commission the sales announced today conclude the divestments agreed with regulatory authorities in connection with the ICI acquisition," AkzoNobel said.

 

The deals were expected to be completed in the third quarter of 2008. No financial details were disclosed.

 

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By: Graeme Paterson
+44 20 8652 3214

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