ICI shares caught by takeover speculation

0 Comments | AFP, April, 2007

LONDON (AFP) — Shares in British chemical group Imperial Chemical Industries hit a 2007 high on Wednesday amid speculation that the group could become the subject of a takeover bidding war.

Cash-rich Dutch chemicals group Akzo Nobel has long been considered a likely bidder for ICI, but analysts speculated Wednesday that US rival Dow Chemical was also on the prowl.

Shares in ICI struck 561 pence on Wednesday after rising by more than 7.0 percent on Tuesday. At the close, they showed a loss of 0.32 percent at 538 pence.

Akzo Nobel NV has consistently been named as a serious buyer following the recent sale of its drugs business Organon Biosciences for 11 billion euros (14.7 billion dollars).

Analysts say that Akzo Nobel is considering offering 6.0...