Dutch chemical giant AkzoNobel announced the sale of its chemicals arm to US-based investors Carlyle Group for 10.1 billion euros (USD 12.6 billion) today, as part of its strategy to fend off hostile takeover bids.
"AkzoNobel today announces the sale of 100 percent of its specialty chemicals business to The Carlyle Group for an enterprise value of 10.1 billion euros... as part of its strategy announced in April 2017," it said in a statement.