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| Version 1 | Version 2 |
|---|---|
| ICI agrees to be bought by Akzo | ICI agrees to be bought by Akzo |
| (10 minutes 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). | |
| 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. |
| Industrial giant | Industrial 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. |