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Management Plans Buyout of Akzo’s Crown Paints?

2:04 PM MDT | August 18, 2008 | Chemical Week Editorial Staff

Management has proposed a buyout of AkzoNobel’s Crown Paints for £70 million ($138 million), according to U.K. press reports. Howard Luft, Crown Paints managing director, and his senior management team have secured financial backing for the deal from private equity firm Endless Investments (Leeds, U.K.), which would take a majority stake in the business, reports say. However, Akzo tells CW that the potential deal is “pure speculation” and that it does not “have a deal yet.” The European Commission ruled last November that Akzo...

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