Back in 1998, 61 per cent equity stake in publicly traded Marshall Paint and Varnish Industry, which has a 25 percent market share of the construction paint industry in Turkey, has been acquired by Akzo Nobel company Akzo Nobel paid Marshall Boya selling shareholders $70 million.
Headquartered in the Netherlands, Akzo Nobel operates in more than 60 countries with its 70,000 employees. Consolidated sales of the company in 1998 were ca. US$12 Billion.
Then Akzo Nobel decided to increased its equity stake further by certain open market purchases and voluntary public tender offers.