This morning Akzo Nobel announced its intentions to sell its pharma subsidiary Organon to the American Schering-Plough. The American company is willing to pay 11 billion euro. The stock introduction now will not take place.

Akzo expects to complete the sale in the second half of 2007. Akzo also announced to start a stock purchase programme. For this Akzo has put aside 1.3 billion euro.

Hans Weijers explained this morning that Akzo was approached by Schering-Plough about 10 days ago with an offer that was so good that they decided not to go through with the stock exchange. The prospectus for the stock sale was ready and would be presented today.

Akzo Nobel has stated that de sell of Organon to Schering-Plough was in the best interest of the company and its employees. The decision to sell was made Sunday by the board of directors and the supervisory board. According to press agency Reuters market analysts presume that Akzo Nobel will use the money to make an offer to Imperial Chemical Industries, the largest chemical concern of Great Britain that has an market value of about 11 billion euro.

Source: Het Financieele Dagblad