Organon divestment confirmed

Dutch pharmaceutical and chemical group Akzo Nobel has reconfirmed the divestment of Organon BioSciences in light of recent acquisition attempts.

Proposals for the spilt were originally announced last September, with the Dutch firm keen to list between 20 and 30 per cent on Organon on the Euronext stock exchange in early 2007.

The division will eventually see Organon operate as an independent, publicly-owned company; a move which Akzo Nobel believes will work to the benefit of shareholders.

A series of recent acquisition approaches from a number of third party companies has led to a review of these initial proposals, Akzo Nobel has claimed.

However, the firm has maintained that listing Organon as a separate business on the Amsterdam exchange is the “preferred” method of splitting the pharmaceutical division from the healthcare, coatings and chemicals manufacturer.

Taking into consideration the interests of all stakeholders, the company reconfirms that it remains committed to its preferred route of a separate listing of Organon BioSciences, which Azko Nobel ascertains, will take place according to the original timetable

Following the firm’s extraordinary general meeting in September, Hans Eijer, chief executive of Akzo Nobel, said he was “pleased” with the shareholders positive response to the proposals.