Menu
13/08/2007
ICI Agrees On Azko Nobel Takeover
Chemical company ICI has agreed to an £8 billion takeover by former Dutch rival Akzo Nobel.
Better known as ICI, Imperial Chemical Industries, said that the Boards of Akzo Nobel and ICI reached agreement on the terms of a recommended cash offer by Akzo Nobel for the entire issued and to be issued share capital of ICI.
ICI shareholders will receive 670 pence in cash for every ICI share.
Commenting on the deal, Hans Wijers, CEO of Akzo Nobel, said: "I am delighted by this transaction which will be a transformational step in implementing our strategy.
"We will create a leading global coatings and specialty chemicals company with a diversified geographic presence and well developed access to fast-growing markets in Asia-Pacific, particularly China and Latin America.
"Through this combination, we will be able to realise significant synergies and create value for our shareholders. At the same time, our customers, employees, pension funds and other stakeholders will benefit from the size and reach of the enlarged group. The pre-agreed on-sale of ICI's Adhesives and Electronic Materials businesses to Henkel is entirely consistent with our promise of financial discipline and provides the added benefit of being able to return additional cash to our shareholders in the near future."
John McAdam, CEO of ICI, said: "The management and employees of ICI have done much to transform the performance of ICI over the last few years, putting in place a clear strategy and strong focus on operational excellence.
"ICI has leading market positions across its businesses and competitive strengths in emerging economies in Asia and Latin America, together with technically advanced products aligned to strong growth trends."
Mr McAdam said that the ICI Board will be recommending shareholders accept the 670 pence cash offer from Akzo Nobel as it believes it to be in their best interests."
(SP/JM)
Better known as ICI, Imperial Chemical Industries, said that the Boards of Akzo Nobel and ICI reached agreement on the terms of a recommended cash offer by Akzo Nobel for the entire issued and to be issued share capital of ICI.
ICI shareholders will receive 670 pence in cash for every ICI share.
Commenting on the deal, Hans Wijers, CEO of Akzo Nobel, said: "I am delighted by this transaction which will be a transformational step in implementing our strategy.
"We will create a leading global coatings and specialty chemicals company with a diversified geographic presence and well developed access to fast-growing markets in Asia-Pacific, particularly China and Latin America.
"Through this combination, we will be able to realise significant synergies and create value for our shareholders. At the same time, our customers, employees, pension funds and other stakeholders will benefit from the size and reach of the enlarged group. The pre-agreed on-sale of ICI's Adhesives and Electronic Materials businesses to Henkel is entirely consistent with our promise of financial discipline and provides the added benefit of being able to return additional cash to our shareholders in the near future."
John McAdam, CEO of ICI, said: "The management and employees of ICI have done much to transform the performance of ICI over the last few years, putting in place a clear strategy and strong focus on operational excellence.
"ICI has leading market positions across its businesses and competitive strengths in emerging economies in Asia and Latin America, together with technically advanced products aligned to strong growth trends."
Mr McAdam said that the ICI Board will be recommending shareholders accept the 670 pence cash offer from Akzo Nobel as it believes it to be in their best interests."
(SP/JM)
Related UK National News Stories
Click here for the latest headlines.
06 October 2003
British scientist awarded Nobel prize
A British scientist is celebrating today after being named as joint winner of the Nobel Prize for Medicine. Sir Peter Mansfield, from Nottingham, England, and Paul Lauterbur, from Urbana, Illinois, USA, share the recognition and kudos that an award of this kind brings – along with the 10 Swedish krono (£775,000) reward.
British scientist awarded Nobel prize
A British scientist is celebrating today after being named as joint winner of the Nobel Prize for Medicine. Sir Peter Mansfield, from Nottingham, England, and Paul Lauterbur, from Urbana, Illinois, USA, share the recognition and kudos that an award of this kind brings – along with the 10 Swedish krono (£775,000) reward.
10 October 2014
Malala Yousafzai Youngest Ever Recipient Of Nobel Peace Prize
Malala Yousafzai has become the youngest ever recipient of the Nobel Peace Prize. Malala, who was shot in the head by the Taliban while campaigning for girls' education, jointly won the award with 60-year-old Kailash Satyarthi, an Indian child rights campaigner.
Malala Yousafzai Youngest Ever Recipient Of Nobel Peace Prize
Malala Yousafzai has become the youngest ever recipient of the Nobel Peace Prize. Malala, who was shot in the head by the Taliban while campaigning for girls' education, jointly won the award with 60-year-old Kailash Satyarthi, an Indian child rights campaigner.
11 October 2013
OPCW Awarded Nobel Peace Prize
The Norwegian Nobel Committee has decided that the Nobel Peace Prize for 2013 is to be awarded to the Organisation for the Prohibition of Chemical Weapons (OPCW) for its extensive efforts to eliminate chemical weapons. During World War One, chemical weapons were used to a considerable degree.
OPCW Awarded Nobel Peace Prize
The Norwegian Nobel Committee has decided that the Nobel Peace Prize for 2013 is to be awarded to the Organisation for the Prohibition of Chemical Weapons (OPCW) for its extensive efforts to eliminate chemical weapons. During World War One, chemical weapons were used to a considerable degree.
08 October 2013
Higgs Scoops Nobel Prize In Physics
A Nobel Prize in Physics has been awarded to Peter Higgs, Emeritus Professor of Theoretical Physics. The Royal Swedish Academy of Sciences' award to Professor Higgs recognises his outstanding contribution to the theoretical work that led to the prediction of the Higgs boson particle.
Higgs Scoops Nobel Prize In Physics
A Nobel Prize in Physics has been awarded to Peter Higgs, Emeritus Professor of Theoretical Physics. The Royal Swedish Academy of Sciences' award to Professor Higgs recognises his outstanding contribution to the theoretical work that led to the prediction of the Higgs boson particle.
04 October 2010
Nobel Prize Win For British IVF Pioneer
This year's Nobel prize for medicine has been awarded to British Scientist Robert Edwards, the man who devised IVF fertility treatment. On 25 July 1978, his revolutionary work led to the birth of the world's first "test tube baby". Since then almost four million babies have been born using the in vitro fertilisation method.
Nobel Prize Win For British IVF Pioneer
This year's Nobel prize for medicine has been awarded to British Scientist Robert Edwards, the man who devised IVF fertility treatment. On 25 July 1978, his revolutionary work led to the birth of the world's first "test tube baby". Since then almost four million babies have been born using the in vitro fertilisation method.
-
Northern Ireland WeatherThis Evening and Tonight:A mostly dry evening and night with a widespread frost developing along with freezing fog, which could become extensive, especially in the south. Winds remaining light. Minimum temperature -3 °C.
