Akzo Nobel Ups its Offers for ICI
Akzo Nobel, which is the world's largest maker of paints and coatings, company plans to sell ICI's U.S. National Starch unit to German consumer-chemicals supplier Henkel KGaA for 2.7 billion pounds.
06/08/07 Netherlands based Akzo Nobel NV, raised its bid for Imperial Chemical Industries Plc a second time to 8 billion pounds ($16 billion), moving a step closer to a takeover. Akzo Nobel NV confirmed that it has made a further indicative proposal to the Board of ICI under which Akzo Nobel would acquire ICI for 670p per share in cash.
In addition, ICI shareholders would receive a second interim dividend of up to 5p per share paid pro rata by reference to where the completion date of the proposed offer falls between July 1, 2007 and December 31, 2007. Akzo Nobel was able to make this increased proposal after further discussions with both ICI and Henkel KGaA.
Akzo Nobel, which is the world's largest maker of paints and coatings, company plans to sell ICI's U.S. National Starch unit to German consumer-chemicals supplier Henkel KGaA for 2.7 billion pounds. The rest of ICI, the maker of Dulux and Glidden paints, would boost Akzo's revenue by almost 40 percent to $25 billion and bolster paints sales in the U.S. and China.
A statement said that the Board of ICI has agreed that Akzo Nobel can undertake certain limited due diligence. There can be no certainty that Akzo Nobel’s further indicative proposal will result in any offer or transaction.
