De Brauw Blackstone Westbroek has advised AkzoNobel on reaching
an agreement to sell its 75.81 percent shareholding in ICI Pakistan
Limited to the Yunus Brothers Group for €124.4 million
(subject to a net debt and interest adjustment). The agreement
follows the successfully completed restructuring of AkzoNobel's
activities in Pakistan last month, which entailed the demerger of
ICI Pakistan'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
De Brauw also acted as AkzoNobel's Dutch adviser in 2008, when the company acquired Imperial Chemical Industries PLC.
ICI Pakistan is listed on the Karachi, Lahore and Islamabad Stock Exchanges. ICI Pakistan's business now comprises polyester fiber, soda ash, life sciences and chemicals.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.