Akzo Nobel N.V. Investigating Sale Of Organon Division To Private Equity

AMSTERDAM (AFX) - Akzo Nobel NV is investigating possibilities to sell its Organon Biosciences division to private equity funds, Dutch newspaper Het Financieele Dagblad said, citing anonymous sources. Two consortia of funds, the first said to consists of KKR, Warburg Pincus and CVC, and the second made up of Blackstone, Bain Capital, Alpinvest, Apax and TPG, have been asked to tender initial takeover bids this month, sources said. Officially, Akzo Nobel (Amsterdam: AKZA.AS - news) is still aiming to list the pharmaceutical division sometime this year. Analysts estimate the value of Organon Biosciences at approximately 8 bln eur.

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