Akzo Nobel, the maker of Dulux paint, is continuing talks with three to four possible buyers of its specialty chemicals division, a spokesman said on Wednesday.
Andrew Wood said the company still planned to either sell or seek a separate stock market listing for the division by mid-April.
The plans are part of efforts to placate investors after the Dutch paintmaker rejected a takeover offer from rival PPG Industries last year.
Specialty chemicals account for a third of Akzo’s sales and earnings and its value is estimated at roughly 9 billion euros ($10.8 bln).
On Tuesday, Bloomberg News reported that private equity firm Carlyle, Dutch investor Hal Investments, private equity firm Apollo together with chemicals company Lanxess, and private equity team Advent International and Bain Capital were still in the running to buy the chemicals arm.
The companies all either declined comment or could not be reached for comment on Wednesday.
Wood could not confirm the bidders’ identities, but said they included a mix of private equity and strategic buyers.
By Toby Sterling
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?