Confirmation - ICI to be acquired by Akzo Nobel

ICI has agreed to be taken over by Akzo Nobel at an agreed price of GBP 8 bn (USD 16.2 bn). The takeover will need to be cleared by regulators and will involve the sale of ICI's adhesives and electronic materials units to Henkel for GBP 2.7 bn.

The impact on the paper chemical suppliers, EKA Chemicals (Akzo) and National Starch (ICI) is yet to be made clear.

ICI was formed in 1926 and in 1984 it became the first British company to report profits before tax of GBP 1 bn.

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