{"id":31473,"date":"2012-07-30T11:35:00","date_gmt":"2012-07-30T11:35:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/akzonobel-akzoy-signs-agreement-to-sell-its-shares-in-ici-pakistan\/31473\/"},"modified":"2012-07-30T11:35:00","modified_gmt":"2012-07-30T11:35:00","slug":"akzonobel-akzoy-signs-agreement-to-sell-its-shares-in-ici-pakistan","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/akzonobel-akzoy-signs-agreement-to-sell-its-shares-in-ici-pakistan\/31473\/","title":{"rendered":"AkzoNobel &#8211; AKZOY &#8211; Signs agreement to sell its shares in ICI Pakistan"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/07\/akzonobel.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-31476\" title=\"akzonobel\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/07\/akzonobel.gif\" alt=\"\" width=\"235\" height=\"56\"><\/a>Akzo Nobel N.V. (ADR) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=AKZOY\">PINK:AKZOY<\/a>)<\/strong> has reached an agreement to sell its 75.81 percent shareholding in ICI Pakistan Limited to the Yunus Brothers Group for $152.5 million (\u20ac124.4 million). The price represents a premium of 30 percent on the market price when the local <a href=\"http:\/\/www.knowfinance.com\/stock-exchange\/\" target=\"_blank\" rel=\"noopener\">stock exchange<\/a> closed on Friday, July 27. The price is subject to adjustments for cash\/debt as at the date competition clearance is obtained and for interest from that date until closing.<em><br \/>\n<\/em><br \/>\nThe transaction is expected to be completed towards the end of this year, once regulatory approvals have been obtained and the purchaser has completed a legally required tender offer for at least 50 percent of the shares in ICI Pakistan held by the other shareholders.<\/p>\n<p>&#8220;We are pleased to have reached an agreement to sell our shares in ICI Pakistan,&#8221; explained Keith Nichols, CFO AkzoNobel. &#8220;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.&#8221;<\/p>\n<p>Commenting on the agreement, Sohail Tabba, Group Director at Yunus Brothers Group, said: &#8220;We are delighted with the agreement to acquire ICI Pakistan Limited. The Yunus Brothers Group is keen to further develop the business of the company, working closely with the existing management and employees.&#8221;<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The agreement follows the successfully completed restructuring of AkzoNobel&#8217;s activities in Pakistan last month, which entailed the demerger of ICI Pakistan&#8217;s paints and coatings businesses into the new listed company, AkzoNobel Pakistan Limited. The newly formed company is 75.81 percent owned by AkzoNobel and continues to focus on Decorative Paints, Performance Coatings and Specialty Chemicals.<\/p>\n<p>ICI Pakistan Limited has been a subsidiary of AkzoNobel since 2008, when the company acquired Imperial Chemical Industries PLC. It is listed on the Karachi, Lahore and Islamabad Stock Exchanges. ICI Pakistan&#8217;s business now comprises polyester fiber, soda ash, life sciences and chemicals.<\/p>\n<p>The Yunus Brothers Group is a leading conglomerate in Pakistan with interest in the cement and textile industries, power and real estate. It had revenues of \u20ac775 million in 2011.<\/p>\n<p><strong>About Akzo Nobel N.V. \u00a0&#8211;\u00a0 AKZOY<\/strong><\/p>\n<p>Akzo Nobel NV (AKZOY ) is a Netherlands-based manufacturer of paints, coatings and specialty chemicals. AKZOY \u00a0operates in three segments: the Decorative Paints businesses supply interior and exterior paint products for the professional and do-it-yourself markets; the Performance Coatings segment supplies coatings for professional end users such as ship builders, steel and appliance manufacturers and the automotive industry, among others; the Specialty Chemicals segment covers chemicals used in the cosmetics, food processing, plastics, paper and asphalt industries, among others.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120801031120\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fakzonobel-akzoy-signs-agreement-to-sell-its-shares-in-ici-pakistan%2F31473&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/commvault-cvlt-expands-fujitsu-partnership\/31536\">\nCommVault &#8211; CVLT &#8211; Expands Fujitsu Partnership<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/american-financial-group-afg-pleased-with-strong-pc-underwriting-results-and-record-operating-earnings-in-annuity-and-supplemental-businesses\/31537\">\nAmerican Financial Group &#8211; AFG &#8211; Pleased with strong P&#038;C underwriting results and record operating earnings in annuity and supplemental businesses<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/allot-communications-allt-reports-43-revenue-rise-for-second-quarter-of-2012\/31538\">\nAllot Communications &#8211; ALLT &#8211; Reports 43% Revenue Rise for Second Quarter of 2012<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/u-s-stocks-inch-higher-helped-by-unexpectedly-stronger-economic-indicators\/31550\">\nU.S. Stocks Inch Higher Helped By Unexpectedly Stronger Economic Indicators<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/impax-laboratories-ipxl-positive-second-quarter-results\/31539\">\nImpax Laboratories &#8211; IPXL &#8211; Positive second quarter results<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/coach-coh-strong-double-digit-sales-and-earnings-gains\/31540\">\nCoach &#8211; COH &#8211; Strong double-digit sales and earnings gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/the-goodyear-tire-rubber-company-gt-business-is-on-track-to-achieve-its-2013-target-one-year-ahead-of-plan\/31541\">\nThe Goodyear Tire &#038; Rubber Company &#8211; GT &#8211; Business is on track to achieve its 2013 target, one year ahead of plan<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Akzo Nobel N.V. (ADR) (PINK:AKZOY) has reached an agreement to sell its 75.81 percent shareholding in ICI Pakistan Limited to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[3072],"class_list":["post-31473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-akzoy"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/31473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=31473"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/31473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=31473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=31473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=31473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}