13/08/2007
ICI Agrees On Azko Nobel Takeover
Chemical company ICI has agreed to an £8 billion takeover by former Dutch rival Akzo Nobel.
Better known as ICI, Imperial Chemical Industries, said that the Boards of Akzo Nobel and ICI reached agreement on the terms of a recommended cash offer by Akzo Nobel for the entire issued and to be issued share capital of ICI.
ICI shareholders will receive 670 pence in cash for every ICI share.
Commenting on the deal, Hans Wijers, CEO of Akzo Nobel, said: "I am delighted by this transaction which will be a transformational step in implementing our strategy.
"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.
"Through this combination, we will be able to realise significant synergies and create value for our shareholders. At the same time, our customers, employees, pension funds and other stakeholders will benefit from the size and reach of the enlarged group. The pre-agreed on-sale of ICI's Adhesives and Electronic Materials businesses to Henkel is entirely consistent with our promise of financial discipline and provides the added benefit of being able to return additional cash to our shareholders in the near future."
John McAdam, CEO of ICI, said: "The management and employees of ICI have done much to transform the performance of ICI over the last few years, putting in place a clear strategy and strong focus on operational excellence.
"ICI has leading market positions across its businesses and competitive strengths in emerging economies in Asia and Latin America, together with technically advanced products aligned to strong growth trends."
Mr McAdam said that the ICI Board will be recommending shareholders accept the 670 pence cash offer from Akzo Nobel as it believes it to be in their best interests."
(SP/JM)
Better known as ICI, Imperial Chemical Industries, said that the Boards of Akzo Nobel and ICI reached agreement on the terms of a recommended cash offer by Akzo Nobel for the entire issued and to be issued share capital of ICI.
ICI shareholders will receive 670 pence in cash for every ICI share.
Commenting on the deal, Hans Wijers, CEO of Akzo Nobel, said: "I am delighted by this transaction which will be a transformational step in implementing our strategy.
"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.
"Through this combination, we will be able to realise significant synergies and create value for our shareholders. At the same time, our customers, employees, pension funds and other stakeholders will benefit from the size and reach of the enlarged group. The pre-agreed on-sale of ICI's Adhesives and Electronic Materials businesses to Henkel is entirely consistent with our promise of financial discipline and provides the added benefit of being able to return additional cash to our shareholders in the near future."
John McAdam, CEO of ICI, said: "The management and employees of ICI have done much to transform the performance of ICI over the last few years, putting in place a clear strategy and strong focus on operational excellence.
"ICI has leading market positions across its businesses and competitive strengths in emerging economies in Asia and Latin America, together with technically advanced products aligned to strong growth trends."
Mr McAdam said that the ICI Board will be recommending shareholders accept the 670 pence cash offer from Akzo Nobel as it believes it to be in their best interests."
(SP/JM)
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