30 July 2007 07:45 [Source: ICIS news]
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Akzo - the world’s largest paint and coatings producer - said that its agreement with Henkel will allow both companies to focus on the businesses that offer them most synergies and be able to return more cash to its shareholders.
However, ICI rejected the offer as it did not reflect the full value of the company, Akzo said.
In mid-June, Akzo Nobel made its first bid at 600 pence per share, valuing ICI at £7.2bn ($14.7bn/€20.1bn). A month later, on 6 July, the UK Takeover Panel issued a “put up or shut up” order against Akzo Nobel following a request from ICI.
Akzo Nobel’s primary objective was to buy ICI’s coatings business which it could add value to, spokesman Tim Van Der Zamden said.
“The 9 August deadline still stands,” the spokesman said, adding that talks with ICI will continue and it was still too early to go hostile.
“It’ll be an intensive situation in the next few days,” Van Der Zamden said.
($1 = €0.73/£0.49)
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