AkzoNobel confirms offer to acquire Powder Coatings operations from subsidiary

Akzo Nobel N.V. has confirmed that it’s made an offer to acquire the Powder Coatings operations and International Research Center from its publicly listed subsidiary, Akzo Nobel India Limited. The offer also includes transferring the intellectual property for the local Decorative Paints business to its Indian subsidiary. The transactions will make AkzoNobel (AKZOY) India a more focused liquid paints and coatings business, and allow it to become fully brand and technology independent in its core Decorative Paints business, the company said. The Board of Directors of AkzoNobel India has accepted AkzoNobel’s offer. Execution of the transactions remains subject to AkzoNobel India shareholder approval and Akzo Nobel N.V. Supervisory Board approval. AkzoNobel India will seek its shareholders’ approval in the coming weeks, with the voting process expected to conclude one month later.