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AkzoNobel recently announced it has reached an agreement to sell its 75.81% shareholding in ICI Pakistan Ltd. to the Yunus Brothers Group for $152.5 million (€124.4 million). The price reportedly represents a premium of 30% on the market price when the local stock exchange closed on July 27. The transaction is expected to be completed toward the end of this year, after regulatory approvals have been obtained and the purchaser has completed a legally required tender offer for at least 50% of the shares in ICI Pakistan held by the other shareholders.
“We are pleased to have reached an agreement to sell our shares in ICI Pakistan,” said Keith Nichols, CFO of AkzoNobel. “We are convinced that the Yunus Brothers Group is better-suited to achieving its obvious potential, while the deal includes conditions to safeguard the terms and conditions of our dedicated employees there.”
For additional information, visit www.akzonobel.com.