&w=3840&q=100)
Akzo Nobel grants extension for powder coatings demerger deal execution
The Dutch parent has sought an extension until July 1, 2025, according to a regulatory filing, citing ongoing efforts to finalise schedules and ancillary documents and pending approval from its Supervisory Board. The original deadline was May 1, 2025, as outlined in the binding offer letter dated February 24, 2025. The Dutch parent wants to sell the company in an auction, which has attracted offers from the JSW Group, Pidilite, and Indigo Paints, in tie-up with private equity companies.
Under the revised timeline, all terms and conditions of the original offer remain unchanged. If the agreements are not executed by July 1 due to non-receipt of internal approvals, Akzo Nobel N.V. has committed to reimbursing Akzo Nobel India for all reasonable costs incurred in connection with the transaction process.
The parent has also established a wholly owned subsidiary — Akzo Nobel Powder Coatings India Pvt Ltd — on March 4, 2025, to serve as the acquiring entity in the transaction.
The Audit Committee and the Board of Directors of Akzo Nobel India reviewed the extension request in meetings held today, and the board approved the extension.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
10 hours ago
- Mint
Funds Cut Long Bets on European Gas at Fastest Pace Since Winter
(Bloomberg) -- Funds cut speculative long bets that European gas prices will rise at the fastest pace since last winter, signaling growing conviction that supply worries are set to ease as traders ramp up stockpiling ahead of the heating season. In the past five weeks, the net-long position in benchmark Dutch gas futures held by investment funds has slumped more than 50%, according to data from Intercontinental Exchange Inc. That's the biggest decline for a similar period starting in the middle of February. It's also the longest stretch of weekly losses since the summer of 2023, the data released on Wednesday show. The slump in wagers indicates a change in sentiment that the region will have enough fuel to navigate the coldest months as traders accelerate injections. Incremental progress in US President Donald Trump's latest diplomatic efforts to end Russia's war in Ukraine has raised expectations that additional Russian energy may return to global markets, decreasing competition for supplies. The plunge in net-long positions also coincides with futures dropping to their lowest level in year late last week. Still, European gas prices remain above the range they typically traded in before the energy crisis that began more than three years ago when Russia invaded Ukraine. It's also a reversal from the start of the stockpiling season, when supply worries mounted after the region's vast storage facilities erupted depleted from winter. Geopolitical concerns, from the war in the Middle East to intensification of Russia's attacks in Ukraine, also contributed to the elevated bullish positions. More stories like this are available on
Mint
18 hours ago
- Mint
Wary diners shun restaurants, raising prospect of boost for retailers
Food retail growth outpaces restaurants Upturn echoes trend during lockdown Trump's tariffs have raised concerns of continued inflation Aug 20(Reuters) - Cash-conscious consumers choosing to eat in rather than dine out have raised the prospect of an upturn in earnings for supermarkets and food delivery firms, according to data, analysts and company executives. U.S. President Donald Trump's tariff policies have added to economic uncertainty, increased the likelihood of stubborn inflation and made consumers question whether restaurants are worth the expense. "I eat much more at home because first of all eating out is way more expensive lately, and quality is not always guaranteed," Marilena Graziano, a Florence-based teacher, told Reuters. Dutch retailer Ahold Delhaize, owner of the Food Lion and Giant stores in the United States, said earlier this month that it was increasing its offers tailored to low-cost eating in. "We have solutions for customers to have a very affordable meal of $2.50 per person at home with the family," Ahold's CEO Frans Muller said in an interview this month. "We have increased a lot of that proposition in our stores." The shift hints at a revival of the boom in eating at home during the COVID-19 pandemic when people could not go out. Home delivery companies such as Just made record sales, although they struggled once lockdown restrictions were lifted. Figures from Rabobank and Eurostat show that food retail sales volumes adjusted for inflation in supermarkets, hypermarkets and similar stores grew by 1.5% in the Eurozone between January and May this year. That compares with 0.1% growth over the same period last year. For food and beverage services, such as restaurants and bars, the metric fell by 0.3%. Last year's growth was flat at 0%. The inflation-adjusted figures suggest that sales at supermarkets are recovering faster than at restaurants, especially for routine weekday meals, Rabobank's consumer foods sector analyst Maria Castroviejo told Reuters. Castroviejo cited the rising popularity of grab-and-go meals, salads, wraps, and sandwiches. "This offer has increased and improved a lot and we know that this is taking away some demands from certain foodservice players," she said. Delivery Hero, which owns Glovo and Foodpanda, said that consumers go out less during times of economic hardship, but will order in as a cheaper alternative. A survey of more than 5,000 U.S. adults commissioned by Hellofresh, a German meal-kit maker that makes most of its revenue in North America, showed 93% of them expect to cook as much as last year or more in the next year. Among those who plan to cook more at home in the next year, more than three-quarters say the economy is a factor. Visits to grocery stores have steadily outpaced those to restaurants and bars in the U.S., data from foot traffic tracking firm showed. The data showed visits to grocery stores grew by 1.3% year-on-year in June, while they fell 0.4% in the same months for restaurants. Jenny Russmann, who works for an international organisation in Vienna, is among those using supermarkets more. "I switched to eating at home a bit over a month ago due to wanting to just be healthier and especially also costs." In Milan, Chiara Schiavoni, employed at the regional administration, said she prefers to eat at home as prices rise and restaurants' portions shrink in Italy's financial capital. "I get seven-euro food vouchers at work and I can't even buy a sandwich, which costs around nine euros in restaurants around my office," she said. "On the other hand, I can use them in supermarkets where all in all it's more convenient." (Reporting by Paolo Laudani in Gdansk; additional reporting by Dimitri Rhodes, Vera Dvorakova, Laura Contemori and Bernadette Hogg; Editing by Matt Scuffham and Barbara Lewis)
Time of India
a day ago
- Time of India
Swiggy, Tencent backer Prosus adds Rajnikanth fan to script India AI-commerce play
Swiggy, Tencent backer Prosus adds Rajnikanth fan to script India AI-commerce play Fabricio Bloisi, CEO of Prosus, and Ashutosh Sharma, India head, Prosus Image credit: Collage by Sadhana Saxena Synopsis The Dutch venture capital giant, which has invested USD8 billion in India, is emboldened by some major gains such as the Swiggy IPO to take an unprecedented step. Its latest initiative involves a partnership and a ground-up strategy. By MANU P TOMS 7 Mins Read, Aug 20, 2025, 04:00 AM IST SHARE THIS NEWS Close Font Size Abc Small Small Abc Normal Normal Abc Large Close It is early 2024. Fabricio Bloisi, CEO of Brazilian unicorn iFood, picks up a call. On the other end is not just anyone – it is Koos Bekker, chairman of Prosus, the Dutch internet and investment corporation. Bekker often spoke with Bloisi in his role as the chairman of iFood's parent company. But this conversation was different. This time, Bekker wanted him to step into much bigger shoes – those of the CEO of Prosus. The timing was crucial. Bob
