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AkzoNobel to Sell Most of ICI Pakistan, Retain Paints Business

5:18 AM MDT | April 29, 2011 | Natasha Alperowicz

AkzoNobel says it will seek agreement from the board of shareholders of ICI Pakistan Limited to separate the company's paints and chemicals business. AkzoNobel plans to retain direct majority control of the paints business by separating it into a new legal entity, AkzoNobel Pakistan Limited, through a de-merger process approved by the Pakistani courts. It then intends to dispose of its entire shareholding in the remainder of ICI Pakistan. ICI Pakistan has been a subsidiary of AzkoNobel since 2008, when AkzoNobel acquired Imperial Chemical Industries, its...

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