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| Akzo Nobel's proposal rejected by ICI Dutch chemicals giant Akzo Nobel NV has made a further approach to the board of British paints and chemicals group Imperial Chemical Industries PLC (ICI) with an increased offer proposal of 650p per share in cash. The proposal has been rejected on the grounds that it did not reflect the full value of ICI. Akzo Nobel was able to make an increased offer proposal after it had entered into an exclusive arrangement with Henkel KGaA for the sale, following completion of its proposed offer, of ICI's Adhesives and Electronic Materials businesses. Akzo Nobel said it believes that ICI would represent a highly attractive addition to its coatings business. Akzo Nobel's increased proposal would provide ICI shareholders with a 40% premium to ICI's share price of 464.25 pence on March 9th, 2007. Akzo Nobel is evaluating its options. Whilst discussions continue, Akzo Nobel will remain financially disciplined. There can be no certainty that any further proposal will be made to the board of ICI or that any offer or transaction will result. write your comments about the article :: © 2007 Construction News :: home page |