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Akzo Nobel completes OBS sale
21 Nov 2007 -
Akzo Nobel N.V. has completed the sale of Organon BioSciences N.V. to Schering-Plough Corporation for EUR 11 billion. Confirmation of the completion of the transaction comes after Schering-Plough received all the necessary approvals, including clearance from the U.S. Federal Trade Commission and the European Commission.
"It is with mixed emotions that we say goodbye to these businesses, which have been part of Akzo Nobel for so many years, said CEO Hans Wijers. "I would like to thank all the OBS employees for their contributions. I am convinced that Schering-Plough will prove to be a stimulating new owner, allowing the Pharma activities to flourish and grow. I wish all the people at OBS a successful future."
Schering-Plough's global headquarters will continue to be based in Kenilworth, NJ, in the United States, while Boxmeer in the Netherlands will become the HQ for its worldwide animal health business.
First announced in March, the divestment of Akzo Nobel's pharmaceutical activities means that the company can now concentrate its strategic focus on becoming a world-leading industrial company exclusively dedicated to coatings and specialty chemicals.
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