AkzoNobel signs agreement to sell its shares in ICI Pakistan
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 Chemicals.
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.
TeamDieter Wolff (lead partner), Annabelle Vos, Tim Bird