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| Akzo Nobel improves bid for ICI Dutch chemicals group Akzo Nobel NV has made a further proposal to the board of British paints and chemicals group Imperial Chemical Industries plc (ICI) under which Akzo Nobel would acquire ICI for 670p per share in cash. In addition, ICI shareholders would receive a second interim dividend of up to 5p per share paid pro rata by reference to where the completion date of the proposed offer falls between July 1, 2007 and December 31, 2007. Akzo Nobel made this increased proposal after further discussions with both ICI and Henkel. Akzo Nobel has entered into an exclusive arrangement with Henkel for the sale. The consideration payable under this arrangement is £2.7 billion Akzo Nobel and Henkel have negotiated a back to back agreement relating to this proposed sale, they would intend to execute immediately prior to the formal announcement of an offer by Akzo Nobel for ICI. The exclusivity agreement with Henkel enables both Akzo Nobel and Henkel to each focus on the businesses that offer them most synergies thereby meeting their respective stated strategic and financial objectives. It would also allow Akzo Nobel to return further cash to its shareholders. write your comments about the article :: © 2007 Construction News :: home page |