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Investing.com -- Akzo Nobel (OTC:AKZOY) N.V., a leading global paints and coatings company, has announced its intention to acquire the Powder Coatings operations and International Research Center from Akzo Nobel India (NSE:AKZO) Limited, its publicly traded subsidiary. The proposed deal also includes the transfer of intellectual property for the local Decorative Paints business to the Indian branch.
Upon successful execution of the proposed transactions, AkzoNobel India will focus more on its liquid paints and coatings operations. This will also enable the company to operate independently in terms of brand and technology within the core Decorative Paints business.
The Board of Directors of AkzoNobel India has given a green light to the offer from Akzo Nobel N.V. However, the final execution of the transactions is pending approval from AkzoNobel India’s shareholders and the Supervisory Board of Akzo Nobel N.V.
In the upcoming weeks, AkzoNobel India will initiate a process to seek the consent of its shareholders. The voting process is expected to reach a conclusion approximately one month later.
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