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AkzoNobel has defended its decision to merge various businesses in India with its listed entity, saying it is the right thing to do for creating value.
"It is a matter of scale…It (merging) will help in creating value for investors. The shareholders will benefit from it. It is the right thing to do,” said AkzoNobel CEO Ton Buchner.
He was responding to a query on how the company viewed reservations expressed by some shareholders about the company’s plans to merge different businesses in India.
The company’s listed arm Akzo Nobel India Ltd had proposed to merge Akzo Nobel Coatings India Pvt Ltd, Akzo Nobel Car Refinishes India Pvt Ltd and Akzo Nobel Chemicals (India) Ltd with itself. Buchner, who recently took over as CEO, said merging of the various businesses in India will help in bringing synergies and propel business under a single umbrella.
