Engineering News

ICI agrees to takeover by Akzo: report
Sat Aug 11, 2007 5:31AM EDT

LONDON (Reuters) - Britain's Imperial Chemical Industries has agreed to an 8.1 billion pound takeover by Dutch group Akzo Nobel, the Financial Times said on Saturday, without citing its sources.

However, the newspaper also said that questions remain about whether Akzo shareholders will support the 670-pence-a-share cash deal.

"Why Akzo is determined to buy a highly cyclical business near the top of the cycle and thereby lose most or all of its cash just as the cycle looks set to turn for the worse, is hard to understand," the paper quoted a person close to U.S.-based fund TPG-Axon, a 3.5-percent Akzo shareholder, as saying.

ICI was not immediately available for comment. Akzo Nobel and TPG-Axon could not immediately be reached for comment.

Britain's Takeover Panel agreed last week to extend its deadline for Akzo to make a decision on its plans for ICI until 10 a.m. British time on Monday. The deadline was originally last Thursday.

Source: Reuters

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