Carlyle Group poaches Akzo Nobel Chemicals Unit for $12.5 Billion

[rmstock]

Akzo Nobel Sells Chemicals Unit to Carlyle for $12.5 Billion
by rmstock , Published on Apr 2, 2018
https://www.youtube.com/watch?v=_S3h8Yx6K9A

Akzo Nobel Sells Chemicals Unit to Carlyle for $12.5 Billion
By Andrew Marc Noel @chemicalandi
March 27, 2018, 7:00 AM GMT+2 Updated on March 27, 2018, 11:50 AM GMT+2
https://www.bloomberg.com/news/articles/2018-03-27/carlyle-wins-auction-to-buy-akzo-nobel-s-chemicals-unit-ft-says

  " -> Dutch company to focus on paints, coatings after sale
    -> Chemicals business also attracted bids from Apollo, Advent
   
   Akzo Nobel NV's sale of its specialty chemicals unit to U.S. private
   equity firm Carlyle Group for 10.1 billion euros ($12.5 billion) is set
   to transform the Dutch company into a more focused supplier of paints
   and coatings.
   
   The decision unveiled Tuesday comes a year after the manufacturer first
   rebuffed a hostile $29 billion takeover attempt by rival PPG Industries
   Inc., a move that helped pave the way for Chief Executive Officer
   Thierry Vanlancker to break up the company. With investors poised to
   get an estimated 6 billion-euro payout from the proceeds, Akzo Nobel
   shares rose as much as 5.7 percent, the most in almost a year.
   
   A supervisory board meeting ran late into the night as executives
   discussed the bids submitted for the chemicals division and whether to
   sell or list it, the CEO said on a call after announcing the winner.
   Carlyle and Singapore sovereign-wealth partner GIC edged out
   competitors with a higher bid and by agreeing to keep the business
   intact and giving assurances on workers' salaries and benefits.

   
   Thierry Vanlancker    Photographer: Chris Ratcliffe/Bloomberg
   
   "Different bids had different dimensions," the CEO said on the call
   with reporters. "Carlyle saw it as a strong business as a whole."
   
   The sale caps a turbulent period for Akzo Nobel, marked by its
   successful defense against PPG and an acrimonious spat with activist
   investor Elliott Management. Vanlancker, who sought to keep Akzo
   Nobel's future in its own hands, will now have to make good on
   ambitious financial targets set for 2020. These include a 50 percent
   return on sales and 15 percent margins, a profitability more in line
   with peers including its former suitor.
   
   Akzo Nobel shares rose 2.9 percent to 77.28 euros as of 11:44 a.m. in
   Amsterdam as investors digested the terms of the sale. The bulk of the
   proceeds will be distributed to shareholders, as planned, Vanlancker
   said. Akzo Nobel made that pledge after its outright refusal to engage
   with PPG irked some investors, including Elliott. They stand to get an
   estimated 6 billion euros, according to Bernstein analyst Jeremy
   Redenius.
   
   New Chairman
   
   The changes afoot at Akzo Nobel extend further than the breakup, which
   the company said a year ago was under consideration after PPG's offer
   was rejected. The maker of Dulux paint and Cuprinol wood treatments is
   filling the soon-to-be vacant role of chairman with outsider Nils
   Andersen, the former CEO of A.P. Moller-Maersk A/S and Carlsberg A/S.
   He'll take over from Antony Burgmans, who played a key role in the
   defense against PPG, battling some investors who pushed for a deal.
   
   Vanlancker said splitting from chemicals will now refresh Akzo Nobel's
   "passion" for coatings as the global No. 3 company, and he will make
   sure the manufacturer has the "right size and tools."
   
   The Financial Times reported earlier that Carlyle's bid beat proposals
   by rivals including a duo of Advent International Corp. and Bain
   Capital LP, and a group including Apollo Global.
   
   Parts of the specialty-chemicals business are among Akzo Nobel's most
   profitable and the division generates about 40 percent of the company's
   adjusted operating income. The unit has a strong position in the
   commodity chemical chlorine market and products such as ingredients
   used in personal-care products.
   
   The sale values the unit at 10.1 billion euros including net debt, Akzo
   Nobel said, adding that it expects to receive a cash payment of 8.9
   billion euros. After deduction of expenses and some liabilities, the
   net proceeds are expected to be around 7.5 billion euros and "the vast
   majority" will be distributed to shareholders.
   
   JPMorgan, HSBC, and Lazard advised the Dutch company on the sale, while
   Valence and Evercore worked with Carlyle on its proposal. Barclays,
   HSBC, and JPMorgan are leading the debt financing backing the
   transaction.
   
   

   "

Of course the Dutch Press Office for AP, ANP did report the fire sale,
however only in a obscure fashion and only online.



Carlyle koopt chemietak AkzoNobel
Door ANP PRODUCTIES (Sjonny de Mol) , 27 mrt. 2018 in FINANCIEEL
https://www.telegraaf.nl/financieel/1841155/carlyle-koopt-chemietak-akzo-nobel

Nothing was found in the Dutch print editions for several days in
sequence.  Strange. Even more peculiar was the observation that the
Dutch Prime Minister Mark Rutte had flown to New York a day earlier on
Tuesday, with the formal reason that Rutte would officially close down
the Dutch chairmanship of the United Nations :

Mark Rutte populair in New York  (The Dutch PM is popular in New York, welcomed by Secretary General António Guterres)
by rmstock , Published on Mar 28, 2018
https://www.youtube.com/watch?v=PWzjvAhoxlQ

Dutch Prime Minister Rutte is popular in New York with his friends of
the UN of course. Watch at 00:40 the Mural in the Security Council, and
see how strange occult stuff has guided this council from its
inception. See :
http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_un05.htm

In fact the Carlyle poach job was in direct conflict with the Dutch
Administration's guidelines on this matter (p.6):

[pdf]https://rmstock.files.wordpress.com/2018/04/fiche-5-mededeling-vernieuwde-strategie-voor-het-industriebeleid-van-de-eu.pdf[/pdf]

  "Op weg daarnaartoe brengt Nederland al relevante partijen bij elkaar,
   zoals middels de op 29 september 2017 door Noord Rijn-Westfalia, 
   Vlaanderen en Nederland gepresenteerde trilaterale strategie voor de
   chemische industrie16."

The presence and assistance of the Dutch Prime Minister in the closing
of the Akzo Chemicals unit deal on Tuesday, March 27, 2018 was no doubt
of strategic and essential importance, given the existence of the
strategic outlines for European Chemical Industries. Why would Mark do
this ? Did he make a personal deal with the Carlyle Group, like John
Major, former British Prime Minister, who was the Chairman of the Carlyle
Group Europe from 2002 until 2005 ?

The Iron Triangle - The Carlyle Group Exposed
by News of Interest.TV , Published on Nov 26, 2009
https://www.youtube.com/watch?v=x3Sb6rvVRJo

The Iron Triangle The Carlisle Group Dutch tv
Publicdomaintruth
An Expose of The Carlyle Group.
https://www.bitchute.com/video/vwyrEHiMu3g/

[rmstock]

The Iron Triangle: Inside the Secret World of the Carlyle Group 1st Edition
by Dan Briody
Paperback: 210 pages
Publisher: Wiley; 1st edition (August 10, 2004)
Language: English
ISBN-10: 0471660620
ISBN-13: 978-0471660620
https://www.amazon.com/Iron-Triangle-Inside-Secret-Carlyle/dp/0471660620/