March 27, 2018 / 6:23 AM / 7 months ago

Akzo Nobel to sell unit to Carlyle, GIC for 10.1 bln euros

AMSTERDAM, March 27 (Reuters) - Akzo Nobel said on Tuesday it had reached an agreement with U.S. private equity firm Carlyle Group and Singapore’s GIC to sell its Specialty Chemicals business for 10.1 billion euros ($12.6 billion).

Akzo first announced plans to sell the business, which accounts for a third of its sales and profit, in April 2017, as it looked to evade a takeover from rival PPG Industries.

$1 = 0.8032 euros Reporting by Toby Sterling; editing by Jason Neely

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