AkzoNobel to sell chemicals arm for 10.1b euros

Dutch chemical giant AkzoNobel announced Tuesday it was selling its chemicals arm to US-based investors Carlyle Group and Singapore's GIC for 10.1 billion euros ($12.6 billion), as part of its strategy to bolster the company.

"AkzoNobel today announces the sale of 100 percent of its specialty chemicals business to The Carlyle Group and GIC for an enterprise value of 10.1 billion euros... as part of its strategy announced in April 2017," it said in a statement.

The deal is expected to be complete by the end of 2018, and the Dutch company said it considered the move "in the best interests of AkzoNobel, Specialty Chemicals and its respective stakeholders, including employees, shareholders and customers".

The world's leading paintmaker, which owns brands such as Dulux and Trimetal, said last year it was splitting off its chemicals arm as it fended off an increasingly hostile takeover bid by US-based rival PPG.