Akzo Nobel Welcomes EU Commission Clearance on Courtaulds.ARNHEM, Netherlands--(BUSINESS WIRE)--July 1, 1998--Akzo Nobel N.V. welcomes the decision from the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community to clear Akzo Nobel's acquisition of Courtaulds plc. Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. has undertaken as a condition of the clearance to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. the whole of its interest to be acquired in the aerospace coatings and sealants business currently conducted by Courtaulds worldwide. Akzo Nobel may, however, propose an alternative undertaking to sell to The Dexter Corporation all of Akzo Nobel N.V.'s 60 percent interest in Akzo Dexter Aerospace Finishes V.O.F.. This alternative undertaking is subject to the European Commission's consent. "Now that we have approval from the European Commission, we are very confident that we will complete the acquisition of Courtaulds," said Cees van Lede, Chairman of the Board of Management of Akzo Nobel. "Right from the start we indicated our willingness to give an undertaking in the field of aerospace coatings. We are very grateful that the Commission has given us phase-I clearance." Courtaulds is an international chemical group that operates in three business areas: Coatings & Sealants, Fibers & Chemicals and Polymer Products. The company employs 17,300 people in 50 countries worldwide and has annual sales of about GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.0 billion. On April 20, 1998, Akzo Nobel announced its bid for Courtaulds at 450 pence per share. That bid values Courtaulds at approximately GBP 1.83 billion. Akzo Nobel, headquartered in Arnhem, The Netherlands, is a market driven and technology based company, serving customers throughout the world with healthcare products, coatings, chemicals, and fibers. The company employs 70,000 people and has activities in 60 countries. In 1997, consolidated sales aggregated $12 billion (24.1 billion NLG NLG The ISO 4217 currency code for the Dutch Guilder. ). In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. the company employs more than 9,000 employees and has annual sales of approximately $3 billion. The company's ADRs are traded on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the AKZOY symbol.
CONTACT: Akzo Nobel, N.V.
Raymond Frenken Tel: +31 26 366 4343
Mobile: +31 651 247 622
http://www.akzonobel.com
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