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Article: ICI agrees to be acquired by Akzo Nobel.(Fresh Paint)
- Article from:
- Coatings World
- Article date:
- September 1, 2007
CopyrightCOPYRIGHT 2007 Rodman Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[ILLUSTRATION OMITTED]
After two months of negotiations, the chemicals and paints group of UK-based ICI has agreed to be bought by Dutch rival Akzo Nobel for 8 billion [pounds sterling] ($16.1 billion).
The board of Imperial Chemical Industries (ICI) has agreed to the cash takeover, which requires approval from shareholders, after rejecting two previous approaches by Akzo earlier in the summer.
"We will 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," said Akzo Nobel CEO Hans Wijers ...