ICI in play at last.
Investors Chronicle - magazine and web content, June, 2007
It was a long time coming, but ICI has finally received a bid approach Jonas Crosland
Imperial Chemical Industries(ICI) has rejected a bid approach from rival Akzo Nobel of the Netherlands, dismissing the indicative GBP7.2bn offer as too low. The bid values the shares at 600p but early trading in London pushed the price up 17 per cent to 644p, suggesting that the market expects Akzo to improve on its offer.
And it certainly has the firepower to do so, having raised around GBP7.5bn through the disposal of its pharmaceuticals unit Organon to Schering-Plough in March. That deal was secured by paying 2.2 times annual sales, but the offer for ICI is only worth 1.5 times sales.
The approach may also spark off a bidding war, with rivals such as BASF...
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