AkzoNobel Continues Talks with Possible Buyers for Chemicals Business

AkzoNobel NV is continuing talks with three to four possible buyers of its speciality chemicals division, a spokesman said on Wednesday.

Andrew Wood said the company still planned to either sell or seek a separate stock market listing for the division by mid-April.

The plans are part of efforts to placate investors after the Dutch paint maker rejected a takeover offer from rival PPG Industries last year.

Specialty chemicals account for a third of AkzoNobel’s sales and earnings and its value is estimated at roughly 9 billion euros ($10.8 billion).

Bloomberg News reported that private equity firm Carlyle, Dutch investor Hal Investments, private equity firm Apollo together with chemicals company Lanxess, and private equity team Advent International and Bain Capital were still in the running to buy the chemicals arm.

The companies all either declined comment or could not be reached for comment. Wood could not confirm the bidders’ identities but said they included a mix of private equity and strategic buyers.