Akzo on track to takeover ICI
14 Nov 2007
Akzo Nobel's £8 billion acquisition of ICI remains on track to go ahead on 2 Jan 2008 following strong shareholder support for the deal.
London - Akzo Nobel's £8 billion acquisition of ICI remains on track to go ahead on 2 Jan 2008 following strong shareholder support for the deal.
At an Extraordinary General Meeting in Amsterdam on 5 Nov, shareholders voted 79% in favour of the transaction, which will give Akzo an estimated 15% of the world's coatings market.
Akzo Nobel CEO Hans Wijers said: "We have taken a major step towards creating a global industrial leader in coatings and specialty chemicals which will provide significant benefits for shareholders, employees and other stakeholders."
The deal, added Wijers. "is about combining the expertise, technologies, products and brands that both companies have developed, and achieving leading positions across different global markets to create a strong platform for future growth."
In a side deal, subject to the takeover going ahead, Henkel has agreed to pay £2.7 billion for the ICI adhesives and electronics businesses.
At an Extraordinary General Meeting in Amsterdam on 5 Nov, shareholders voted 79% in favour of the transaction, which will give Akzo an estimated 15% of the world's coatings market.
Akzo Nobel CEO Hans Wijers said: "We have taken a major step towards creating a global industrial leader in coatings and specialty chemicals which will provide significant benefits for shareholders, employees and other stakeholders."
The deal, added Wijers. "is about combining the expertise, technologies, products and brands that both companies have developed, and achieving leading positions across different global markets to create a strong platform for future growth."
In a side deal, subject to the takeover going ahead, Henkel has agreed to pay £2.7 billion for the ICI adhesives and electronics businesses.
