Source AP ©

Akzo Nobel NV to buy out Imperial Chemical Industries PLC

Imperial Chemical Industries PLC will be sold to a Dutch counterpart, Akzo Nobel NV, for 8 billion pounds (US$16 million, 12 billion EUR).

The vote was approved by about 93 percent of the company's shareholders in London, far above the required 75 percent to approve the acquisition, ICI said in a statement

The move follows a vote Monday by Akzo Nobel shareholders to approve the buyout.

The ICI shareholder vote was a formality, said Goldman Sachs analyst Richard Logan, because the ICI board recommended in mid-August to its shareholders Akzo's offer of 670 pence per share, plus 0.05 pence extra dividend, after rejecting two previous offers from the Dutch chemicals and coatings company.

With the new acquisition, Akzo Nobel will become the world's biggest paint and coatings company, holding 14 percent market share.