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Letter to the Editor
Friday August 24
Akzo Nobel to Buy ICI for $16 Billion
Dutch chemicals group Akzo Nobel NV has agreed to buy Great Britain's Imperial Chemical Industries Plc (ICI) for £8 billion ($16.2 billion), strengthening its position as the world's largest industrial coatings maker.Akzo Nobel faces some possibly firm shareholder dislike for the deal, with anticipated opposition from U.S. fund TPG-Axon, one of its major investors.
Akzo's price for ICI, maker of Dulux paints, is 22 percent above ICI's closing share price on June 15, the day before it announced a bid approach from Akzo.
If finalized, Akzo Nobel's acquisition of ICI will give the company a market share of about 15 percent.
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