Engineering News

ICI tentatively agrees to sweetened Akzo offer--WSJ
Sun Aug 5, 2007 5:59PM EDT

NEW YORK, Aug 5 (Reuters) -Britain's ICI has tentatively agreed to a sweetened 8 billion pound, or $16.3 billion, takeover offer by Dutch rival Akzo Nobel and a German partner, the Wall Street Journal reported on Sunday.

Akzo and its partner, German consumer products group Henkel, are conducting a due diligence review of ICI and are expected complete the process within days, the paper said, citing people close to the matter.

If all goes well, a formal takeover agreement would be announced by Aug. 9, the deadline set by the UK Takeover Panel, the paper said.

ICI last week rejected an improved 7.8 billion pound ($15.9 billion), 650 pence-a-share cash takeover proposal by Akzo and refused to open its books for due diligence check, saying the offer undervalued the company. It had also previously rejected a 600 pence-a-share offer from Akzo in June.

The newest bid is around £6.7 per share. Though the talks are friendly, the situation is fluid and the agreement is subject to change, the paper said.

Source: Reuters

Engineering News Archive

 
// CAREER RESOURCES

Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

// WHAT WE DO
Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Petrochemicals
Fine chemicals
Agrochemicals
Industrial gases
Surfactants
Fertilizers
Solvents
Coatings
Polymers
Pharmaceuticals
Refinery
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Industry News Career Center FAQs Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home