Apollo teams up with PGGM to boost bid for AkzoNobel’s chemicals unit

Apollo teams up with PGGM to boost bid for AkzoNobel’s chemicals unit

In a bid to clinch the deal for AkzoNobel’s hotly contested chemicals unit, Apollo has brought Netherlands pension fund PGGM on board, according to a report published by the Financial Times.

If AkzoNobel decides to sell to Apollo, PGGM would be a minotiry co-investor. The US private equity firm has already partnered up with German specialty chemicals supplier Lanxess.

Both Apollo and PGGM declined to comment when contacted by the Financial Times but analysts suggest that the move, together with Apollo’s decision to pull out of other major European chemicals auctions, demonstrates their commitment to the AkzoNobel auction.

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