NewsFlashAkzo Nobel completes £8bn ICI buyout

02 January 2008 11:18  [Source: ICIS news]

LONDON (ICIS news)--Dutch coatings company Akzo Nobel has finalised its £8bn ($16bn/€11bn) purchase of ICI, the London Stock Exchange (LSE) said on Wednesday.

 

ICI shares will cease to be traded on the LSE from 08:00 local time on Thursday 3 January and it will be cancelled from the Official List, the exchange said in a press release.

 

Shareholders will receive 670p per share for each ICI share held when trading was suspended on December 19, it added.

 

ICI has the well-known paint brands Dulux and Glidden, while Akzo Nobel owns Crown and Sikkens.

 

Germany’s Henkel, previously agreed to pay £2.7m in cash to acquire ICI’s adhesives and electronic materials businesses, once the takeover was complete.

 

Akzo Nobel’s share price remained only slightly up in early morning trading at €54.85.

 

($1 = £0.50/€0.69)

By: Lucy Craymer
+44 20 8652 3214

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