Jun 18 2007
Akzo Nobel N.V. confirms that it has approached the board of Imperial Chemical Industries PLC (“ICI”) with a view to entering into discussions about a possible cash offer for ICI. However, the approach has been rejected.
Akzo Nobel believes that ICI would represent a highly attractive addition to its focused coatings and chemicals business following the announced sale of Organon BioSciences N.V. earlier this year. Akzo Nobel will continue to evaluate all strategic opportunities, including ICI, based on a disciplined and value-driven approach to earnings and returns over cost of capital.
There can be no certainty that any further proposal will be made to the board of ICI or that any offer or transaction will result.
In parallel, Akzo Nobel will continue its current share buy-back program of €1.6 bn launched on May 3, 2007 and will further evaluate tax efficient options of returning cash to shareholders and optimizing its capital structure consistent with its growth strategy.
A further announcement will be made if appropriate.