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Akzo gets $273 million bid for phosphorus unit

April 28, 2004
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Reuters reports that private investment fund Ripplewood has offered 230 million euros ($273 million) for Akzo Nobel''s phosphorus chemicals business, the Dutch group said on Monday as it continues to shed non-core units. The phosphorus chemicals unit -- which makes flame retardants, plasticisers and lubricants -- is one of three chemical businesses Akzo Nobel put up for sale last September, saying it wanted proceeds of more than one billion euros to help cut debt and make acquisitions. Akzo Nobel NV, the world''s biggest maker of coatings, said on April 19 that it had received a 625 million-euro offer for its refinery catalysts unit from Albemarle Corporation. The remaining chemical unit on the block is Akzo Nobel''s coating resins business. Akzo Nobel, which employs more than 64,000 people and operates in about 80 countries, said in a statement it expected the deal with Ripplewood Holdings LLC to be closed in the second quarter of 2004.
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