Dulux division sold

DULUX paint maker Akzo Nobel is selling its speciality chemicals business for about £9bn to investors led by private equity firm Carlyle group and Singapore’s sovereign wealth fund.

Anglo- Dutch Akzo promised shareholders it would sell the division and give them the cash as it tried to win their support for rejecting a takeover bid from US rival PPg last year.

Boss thierry Vanlancker said: ‘today is a key milestone in creating two focused, highperforming businesses.

‘We delivered on our commitment to separate the speciality chemicals business and did so ahead of schedule.’