Alexa
  • Directory of Taiwan

ICI agrees takeover offer from Dutch company Akzo Nobel

ICI agrees takeover offer from Dutch company Akzo Nobel

Imperial Chemical Industries PLC said Monday it had accepted a takeover offer from Dutch chemicals and industrial coatings maker Akzo Nobel NV.
The offer values ICI, the maker of Dulux paints, at 670 pence (US$13.54; euro9.90) a share, or about 8 billion pounds (US$16 billion; euro12 billion).
ICI had rejected an earlier offer from Akzo.
Last week, Britain's Takeover Panel extended a deadline for Akzo to make a new offer until 10 a.m. (0900 GMT) Monday.
ICI chief executive John McAdam said Akzo had made a "compelling offer which delivers full value for ICI reflecting ICI's strong future growth prospects and strategic opportunities."
The takeover must be approved by ICI shareholders.
Akzo, whose brands include Crown Paints, wants to add ICI's paint business to its own and plans to sell ICI's adhesives business to German chemical company Henkel KGaA if the takeover occurs.
Akzo's chief executive officer, Hans Wijers, said the deal would "create a leading global coatings and specialty chemicals company with a diversified geographic presence and well-developed access to fast-growing markets in Asia-Pacific, particularly China and Latin America."
ICI shares were up more than 2 percent at 638 pence (US$12.87; euro9.43) in early trading on the London Stock Exchange.
(jl)


Updated : 2021-10-19 00:46 GMT+08:00