Akzo sells Organon to Schering Plough

Just days after announcing plans to float part of Organon in late March, Akzo Nobel has sold the entire company to Schering Plough for €11bn in cash. Akzo will use part of the proceeds for a €1.3bn share buy-back programme, reduce its pension obligations and fund its expansion.

Chairman Hans Wijers said the sale would allow Akzo Nobel to realise its growth ambitions more quickly. He emphasised that the company would take a disciplined approach to any further takeovers.
Akzo Nobel said the offer had been finalised at the weeked. Last week, Organon’s chairman Ton Wilderbeek told a news conference in London that March 27 had been earmarked for the flotation, and that the prospectus would be issued today.

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