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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

AkzoNobel Sells Stake in ICI Pakistan for $152.5 Million

8:33 AM MDT | August 3, 2012 | —Deepti Ramesh

Nichols: Will safeguard employees. AkzoNobel says that it has reached an agreement to sell its 75.81% stake in ICI Pakistan to the Yunus Brothers Group (Karāchi, Pakistan) for $152.5 million. The price represents a premium of 30% on ICI Pakistan’s closing share price on July 27, AkzoNobel says. The transaction is expected to be completed toward the end of this year. The Yunus Brothers Group is a leading conglomerate with interests in the cement and textile industries, power, and real estate. The group had sales of €775 million ($953 million) in 2011...

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