Dutch chemical group bids 8.0 billion pounds for Britain's ICI

0 Comments | AFP, August, 2007

LONDON (AFP) — Chemicals and paints group ICI on Monday became the latest British firm to fall into foreign hands after agreeing to be bought by Dutch rival Akzo Nobel for 8.0 billion pounds (11.8 billion euros, 16.1 billion dollars).

The board of Imperial Chemical Industries 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 chief executive Hans Wijers.

Analysts said the tie-up between Akzo, the maker of Crown Paints, and Dulux...