Akzo Nobel N.V. has completed the sale of the Adhesives and Electronic Materials businesses, part of the former ICI’s National Starch business, to Henkel KGaA for GBP 2.7 billion (EUR 4 billion) in cash.
The agreement with Henkel for the sale of the two businesses was announced by Akzo Nobel in its offer for the ICI Group in August 2007. The transaction was subject to the completion of Akzo Nobel’s recommended offer for ICI and clearance by relevant anti-trust authorities. Both conditions have now been met.
"I am pleased that the sale has been concluded so rapidly, just three months after the ICI acquisition, and we are confident Henkel will further develop these strong businesses," said Akzo Nobel CEO Hans Wijers. "The on sale allows Akzo Nobel to focus on its core businesses and we are making good progress with integrating the ICI and Akzo Nobel organizations."
Akzo Nobel will provide an update on the integration at the Annual General Meeting of Shareholders, being held on April 22, 2008.
Akzo Nobel completes sale to Henkel
| By Dorothy Lozowski