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.

Comments
Unexploded Western missiles in Russia's hands: Russian air defenses to get even better
Defending the Social Media with the four-letter word
Unexploded Western missiles in Russia's hands: Russian air defenses to get even better
Defending the Social Media with the four-letter word
Germany begs USA for release
Poland defends its airspace with the help of Soviet systems made during the 1940s
G7 wants to hold Russia responsible for everything
Defending the Social Media with the four-letter word
G7 wants to hold Russia responsible for everything
G7 wants to hold Russia responsible for everything
G7 wants to hold Russia responsible for everything
G7 wants to hold Russia responsible for everything
Unexploded Western missiles in Russia's hands: Russian air defenses to get even better
Unexploded Western missiles in Russia's hands: Russian air defenses to get even better
Russia to deliver S-300 air defence systems to Syria for free
China's Alaska deal makes Russia shudder
Russia may interrupt regular flights with USA
Russia may interrupt regular flights with USA
Russia may interrupt regular flights with USA
Russia delivers S-300 air defense systems to Syria?
Defending the Social Media with the four-letter word