By Pierre Bertrand

Henkel AG & Co. KGaA said Friday that it expects to book a financial loss on its agreement to sell its Russian business activities.

The German chemical company said Thursday that it had agreed to divest its Russian activities to a consortium of local financial investors for around 600 million euros ($658.2 million).

"We will report on that with the H1 results once the transaction has been processed for accounting purposes. On balance, we expect no financial gain but rather a financial loss from the transaction," a spokesman told Dow Jones Newswires on Friday.

Russian authorities had already approved the transaction and its final closing was still pending, Henkel said Wednesday.

Henkel announced its intention to leave Russia in April last year.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 21, 2023 10:13 ET (14:13 GMT)

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