Tuesday 07 April 2020

Four bidders line up for AkzoNobel’s chemicals arm

Photo: AkzoNobel

Amsterdam-based paints and coatings group AkzoNobel has confirmed there are four companies interested in buying its specialty chemicals unit, the Telegraaf quoted Bloomberg as saying on Wednesday.

German specialty chemicals concern Lanxess is among the four who are now entering the second round of bidding, Bloomberg said.

Akzo is selling off its chemicals unit, which is valued at about €10bn, in an effort to assuage shareholders after heading off a hostile takeover by PPG Industries last year.

Bloomberg said Lanxess was probably making a bid jointly with US investor Apollo.

Other interested parties include US hedge fund Carlyle and a consortium made up of Advent International and Bain Capital. Akzo Nobel would not comment on the bidders nor the progress of the talks, Bloomberg reported.

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