Akzo is making changes as it looks to placate investors after it rejected a takeover offer from PPG Industries (PPG.N) last year. Germany 's government has withdrawn from a consortium with US private equity firm Apollo and Dutch fund PGGM , that was bidding for Akzo Nobel 's specialty chemical business , according to unnamed sources . The deal is estimated to be worth € 9bn ( $ 11.1bn ) and accounts for 1/3 of Nobel 's sales and earnings . Akzo is seeking a multiple of over 8.5 times its 2018 EBITDA . Other bidders are said to include private equity firm Carlyle Group , D ' Hal Investments and Advent International , which has teamed up with Bain Capital Private Equity .
Germany 's government has withdrawn from a consortium with US private equity firm Apollo and Dutch fund PGGM , that was bidding for Akzo Nobel 's specialty chemical business , according to unnamed sources . The deal is estimated to be worth € 9bn ( $ 11.1bn ) and accounts for 1/3 of Nobel 's sales and earnings . Akzo is seeking a multiple of over 8.5 times its 2018 EBITDA . Other bidders are said to include private equity firm Carlyle Group , D ' Hal Investments and Advent International , which has teamed up with Bain Capital Private Equity .