Note 25: Subsequent events

On January 1, 2018, AkzoNobel internally separated the Specialty Chemicals business through an organizational split of operations and functions and by the legal transfer of all assets, liabilities and employees (including contracts) allocated to the Specialty Chemicals business, apart from some delayed transfers, to a standalone group of companies under Akzo Nobel Chemicals Holding B.V., a wholly owned subsidiary of Akzo Nobel N.V.. Effective as of January 1, 2018, Akzo Nobel N.V. and Akzo Nobel Chemicals Holding B.V. entered into a Master Separation Agreement and a set of ancillary and service level agreements, together effectuating the internal separation and providing a framework for the relationship between AkzoNobel and the Specialty Chemicals group going forward.