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ICI agrees to be bought by Akzo ICI agrees to be bought by Akzo
(about 6 hours later)
ICI, the chemicals company that was once a giant of British industry, has agreed to be taken over by its Dutch rival Akzo Nobel.ICI, the chemicals company that was once a giant of British industry, has agreed to be taken over by its Dutch rival Akzo Nobel.
The agreed price is 670p per share, which values ICI at £8bn ($16.2bn).The agreed price is 670p per share, which values ICI at £8bn ($16.2bn).
Akzo has also agreed that Germany's Henkel will buy ICI's adhesives and electronic materials unit for £2.7bn.Akzo has also agreed that Germany's Henkel will buy ICI's adhesives and electronic materials unit for £2.7bn.
The takeover will have to be cleared by regulators, who may be concerned that owning Crown and Dulux will give Akzo too much of the UK paint market.The takeover will have to be cleared by regulators, who may be concerned that owning Crown and Dulux will give Akzo too much of the UK paint market.
Akzo first approached ICI in June with an offer of 600p a share but was rebuffed, and a second offer in July of 650p a share as also rejected.Akzo first approached ICI in June with an offer of 600p a share but was rebuffed, and a second offer in July of 650p a share as also rejected.
However, ICI agreed to open its books to Akzo last week after the offer was raised to 670p plus a dividend of up to 5p per share.However, ICI agreed to open its books to Akzo last week after the offer was raised to 670p plus a dividend of up to 5p per share.
ICI employs about 26,000 staff worldwide and has UK bases in Slough, Birmingham, Hull, Stowmarket in Suffolk and Prudhoe in Northumberland.
Akzo chief executive Hans Wijers said he expected to cut jobs, but would not know how many until the transaction has been completion in November or December.
Industrial giantIndustrial giant
ICI was formed in 1926 by the combination of four British chemicals companies.ICI was formed in 1926 by the combination of four British chemicals companies.
In 1984 it became the first British company to report profits before tax of £1bn.In 1984 it became the first British company to report profits before tax of £1bn.
But in 1993 it began slimming down by spinning off its pharmaceuticals business as Zeneca, which later became AstraZeneca.But in 1993 it began slimming down by spinning off its pharmaceuticals business as Zeneca, which later became AstraZeneca.
Products developed by ICI over the years include polythene - the world's first plastic - and Paludrine, which was the first synthetic treatment for Malaria.Products developed by ICI over the years include polythene - the world's first plastic - and Paludrine, which was the first synthetic treatment for Malaria.