Manufacturing Industry
ICI finally agrees to Akzo Nobel takeover.(Imperial Chemical Industries PLC)(Brief article)
Cosmetics International, August, 2007
UK chemicals giant ICI has finally agreed to a takeover by Akzo Nobel after two months of wrangling.
The 8.1bn [pounds sterling] deal values ICI at 679.95p a share, including 670p in cash and an extra 9.95p in dividends, bringing the price just short of the 700p share reportedly demanded by ICI shareholders. The current turbulence in the world markets is said to have forced the shareholders to moderate their demands.
One of the first moves ICI's new owner will make will be to sell the National Starch business to Henkel. Akzo was able to raise its initial offer of 600p per share thanks to a back-to-back deal with the German consumer and chemicals group, whereby Akzo agreed to sell it the adhesives and electronic material business for 2.7bn [pounds...
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