Akzo offer not needed for remaining ICI shares

02 January 2008 16:41  [Source: ICIS news]

LONDON (ICIS news)--Akzo Nobel does not have to make a public offer to minority shareholders of ICI India and ICI Pakistan, a spokesman for the firm said on Wednesday.

 

The Dutch coatings and chemicals company acquired a 52.96% share in ICI India and a 59% share in ICI Pakistan as part of its £8bn ($16bn/€11bn) takeover of ICI, the spokesman said.

 

Akzo Nobel had sought clarification on whether or not it would have to make a mandatory offer for the outstanding shares in ICI India, but the Indian market regulator SEBI had said it would not.

 

SEBI said because the buyout of ICI meant the acquisition of shares in ICI India was a result of an “arrangement or reconstruction including amalgamation or merger or demerger” the company did not have to make the offer.

 

($1 = £0.50/€0.69)

By: Lucy Craymer
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly