3i Group is planning to sell Belgian chemicals company, Azelis, The Wall Street Journal reports. The private equity firm has appointed Bank of America Merrill Lynch to manage the sale. Azelis, which distributes chemicals for paints and polymers for plastics manufacture across 26 markets in Europe, is valued at around €500 million. 3i acquired the 60% stake in Azelis for €315 million in December 2006.
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