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)

ICIS Copyright © Reed Business Information 2009

Author: Lucy Craymer
+44 20 8652 3214

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