Akzo Nobel to sell assets to get EU approval for ICI buy
Fri Nov 23, 2007 6:37am EST
AMSTERDAM, Nov 23 (Reuters) - Dutch chemical group Akzo Nobel NV said on Friday it will sell the bulk of its decorative paint businesses in the UK and Ireland in order to get EU approval of its ICI acquisition. A spokesman said the company would also divest its De Keyn paint brand in Belgium.
The European Commission on has extended its competition review of plans by Akzo Nobel to acquire Britain's ICI to create the world's biggest paint maker.
A list of merger notifications distributed by the EU executive on Friday showed that the review deadline for the 8 billion pound ($16.6 billion) acquisition had been extended to Dec. 14 from Nov. 30.
Akzo Nobel said it still expects to close the deal on Jan. 2, the spokesman said.
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