01 October 2007 09:34 [Source: ICIS news]
LONDON (ICIS news)--Dutch coatings company Akzo Nobel expects to complete the £8bn ($16.3bn/€11.5bn) purchase of the UK's ICI on 2 January 2008, the company said in a statement to its shareholders on Monday.
Management estimates that the operating cost savings and other synergies relating to the ICI paints business will deliver savings of €2.5bn ($3.6bn), Akzo Nobel added.
“Akzo Nobel intends to find a new owner for ICI’s Specialty Starch activities and plans to retain ICI’s Specialty Polymers business,” the circular said.
“Akzo Nobel group will benefit from a diversified and broad geographic presence, a significantly strengthened decorative coatings business and highly attractive platforms for growth in emerging markets,” the circular said.
The sale of Organon Biosciences to Schering Plough for approximately €11bn in cash is expected to be “completed no later than the end of 2007”, the circular added.
($1 = £0.49/£1 = €1.44)
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