Akzo Nobel buys ICI
The board of management and supervisory board of Netherlands-based Akzo Nobel N.V. and the board of Imperial Chemical Industries PLC, currently headquartered in London, have announced an agreement on the terms of a recommended cash offer by Akzo Nobel for ICI.

Subject to pending approval from both Akzo Nobel and ICI shareholders, the transaction is expected to become effective late November or early December 2007.

In connection with the acquisition of ICI, Akzo Nobel has entered into an agreement with Henkel to sell all assets and liabilities of the ICI divisions known as the Adhesives Division and the Electronic Materials Division, both of which form part of the National Starch business of ICI. This transaction with Henkel is not a condition of completion for Akzo Nobel’s acquisition of ICI, and it will be implemented following the effective date.

The acquisition of ICI provides Akzo Nobel the opportunity to strengthen its position as a global leader in coatings and one of the largest specialty chemicals companies in the world.
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