ICI shareholders approve Akzo Nobel acquisition

06 November 2007 16:06  [Source: ICIS news]

LONDON (ICIS news)--Akzo Nobel's acquisition of coatings rival ICI will almost certainly go ahead after shareholders in the UK paints company approved the deal on Tuesday with a 99% majority.

 

The only hurdle remaining is approval from the EU competition authorities, which was widely seen as a foregone conclusion.

 

According to ICI's website, shareholders representing 99.39% of the company's shares voted for the acquisition.

 

Akzo Nobel shareholders approved the £8bn ($16.7bn/€11.5bn) deal at the company’s EGM with a 78.65% majority.

 

The Netherlands-based company announced the acquisition on 13 August in a deal that would include Germany’s Henkel paying £2.7m to acquire ICI’s adhesives and electronic materials businesses.

 

The takeover was expected to close on 2 January 2008.

 

($1 = €0.69/£0.48)

 

Mark Watts contributed to this article

 

By: Joseph Chang
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