18 April 2007 14:29 [Source: ICIS news]
MUMBAI (ICIS news)--UBS on Wednesday raised its target share price on UK chemical group ICI to 565 pence from 470 pence to reflect a takeover possibility.
Press speculation has linked ICI as a potential target for a number of chemical companies. Akzo Nobel has been highlighted as the most likely bidder.
UBS said Akzo could be willing to pay up to 660 pence and the new price target was the mid-point of the 470 pence to 660 pence stand alone valuation of ICI.
The brokerage has maintained its neutral 2 rating on the stock.
UBS said there was a risk that if there was no bid for ICI, or if the company turned into a bidder, there could be significant downside from the current share price.
Shares in the company were down 0.25 pence at 536.50 pence on the London Stock Exchange at 13:45 local time.
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