News in Brief(28-03-2018)

AkzoNobel to sell chemicals arm

THE HAGUE, Mar 27: Dutch chemical giant AkzoNobel announced Tuesday it was selling its chemicals arm to US-based investors Carlyle Group and Singapore's GIC for 10.1 billion euros ($12.6 billion), as part of its strategy to bolster the company. "AkzoNobel today announces the sale of 100 per cent of its specialty chemicals business to The Carlyle Group and GIC for an enterprise value of 10.1 billion euros... as part of its strategy announced in April 2017," it said in a statement.— AFP

Novartis sells stake in jt venture to GSK for $13b

ZURICH, Mar 27: Swiss pharmaceuticals giant Novartis announced Tuesday it will sell its stake its in its consumer healthcare joint venture to Britain's GlaxoSmithKline for $13 billion (10.4 billion euros). The group said the sale of the 36.5 per cent stake will enable it "to further focus on the development and growth of its core businesses." It said the completion of the deal is expected in the second quarter of 2018, "subject to necessary approvals".— AFP

Toshiba to have more options on chip deal

BEIJING/TOKYO, Mar 27 (Reuters): Toshiba Corp looks set to have more options for its chip unit after China said it was still reviewing a proposed $18 billion acquisition by a Bain Capital-led consortium, making it highly unlikely that an imminent deadline for the deal will be met. China's commerce ministry said on Tuesday in a brief statement to Reuters that it was reviewing the deal, without elaborating further. For the deal to close by its agreed deadline of March 31, antitrust approval from China must come by early this week, a source with direct knowledge of the matter has said. —Reuters