Akzo Nobel Shareholders 'Leaning Towards' Specialty Chemicals Divestiture: CEO
October 18 2017 - 5:20AM
Dow Jones News
By Oliver Griffin
Akzo Nobel NV (AKZA.AE) Chief Executive Thierry Vanlancker said
Wednesday that the company's shareholders appeared to prefer a
divestiture of its specialty chemical business rather than a
private sale or an initial public offering.
Mr. Vanlancker, who was presenting Akzo Nobel's third-quarter
results--which saw a drop in both net profit and earnings before
interest and tax compared with a year earlier--said that based on
discussions with shareholders, it seemed they were "leaning
towards" the divestiture or a demerger of Akzo Nobel's specialty
chemicals business. He added that talks of a separate IPO had
dropped off the radar.
Akzo Nobel said it would hold an extraordinary general meeting
in November to obtain approval for the separation of its specialty
chemicals business.
The company reiterated its intention to return the majority of
net proceeds generated by the split to shareholders, including via
a special cash dividend worth 1 billion euros ($1.18 billion).
Write to Oliver Griffin at oliver.griffin@dowjones.com
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(END) Dow Jones Newswires
October 18, 2017 06:05 ET (10:05 GMT)
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