BusinessCompany NewsDutch rival Akzo set to snap up ICI

Dutch rival Akzo set to snap up ICI

After 80 years as a British company, ICI spends the weekend preparing for proposed takeover by Dutch rival

ICI has signed off on a takeover by
Akzo
Nobel
after 80 years as a significant part of the British economy.

The FTSE 100 paint maker spent the weekend fine-tuning the details of an
£8.1bn takeover by its Dutch rival before a Takeover Panel deadline passed this
morning.

In July, ICI shot down a previous offer priced at 650p per share, and some
investors had been holding out for 700p a share, but the company settled on 670p
a share.

ICI’s CFO Alan Brown may be a high-profile casualty of the takeover, with
Akzo’s finance boss Rob Frohn in pole position to take overall control of the
combined company.

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