Akzo Nobel seeks exemption from acquiring ICI India

11 December 2007 18:12  [Source: ICIS news]

NEW DELHI (ICIS news)--Akzo Nobel has asked India’s stock market regulator to exempt it from making a mandatory public offer to shareholders of ICI India, the regulator said on Tuesday.

The Netherlands based coatings and chemicals producer is required to make an offer for the outstanding ICI India shares under its takeover of the UK-based decorative coatings maker.

ICI has a 52.96% stake in its Indian subsidiary which in its latest financial year – to 31 March 2007 – had a turnover of Indian rupees (Rs)9.0bn ($229m).

Akzo Nobel’s $16bn takeover of ICI is expected to close in January.

($1 = Rs39.3)

By: Naresh Minocha
+65 6780 4359

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