Slaughter and May has advised Swire Pacific Limited on the sale of its paints business

Slaughter and May, Hong Kong, has advised Swire Pacific Limited (Swire Pacific) on the sale of its entire interests in their paints business to the Akzo Nobel group. The estimated profit on the sale is approximately HK$2.7 billion.

The interests sold represent Swire Pacific Group’s entire 100% interest in Swire Duro (Holdings) Limited (SDHL) and 40% interest in Akzo Nobel Swire Paints Limited (ANSPL). SDHL’s principal assets are the joint venture interests in four PRC companies whose principal activities are manufacturing and distribution of paints in Mainland China. ANSPL’s principal activity is the sale of paints and the provision of related services in Hong Kong.

Swire Pacific is an investment holding company incorporated in Hong Kong with limited liability and is listed on the Hong Kong Stock Exchange. Its subsidiaries, associates and joint ventures are engaged in property, aviation, beverages, marine services and trading and industrial businesses.

Akzo Nobel N.V. is a public limited liability company established under the laws of the Netherlands, with common shares listed on Euronext Amsterdam. The Akzo Nobel Group is engaged in the paints and coatings business.