Akzo Nobel is looking for bank and investor support to bring out a higher bid for UK chemicals group ICI, sources have told the Financieele Dagblad.
The paper reports on Monday that CEO Hans Wijers held talks with UK and US investors last week in an effort to increase his room for manoeuvre. Akzo Nobel’s offer of £6 a share has been rejected as being far too low.
The British media reported at the weekend that Akzo is prepared to pay £6.50 for ICI but that UK firm is prepared to accept £6.75, valuing the company at around €12bn.
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