ICI rejects Akzo Nobel approaches

British chemicals group ICI has turned down a takeover approach from Akzo Nobel, the Dutch company said on Monday.

‘We believe that ICI would be an attractive addition,’ Akzo Nobel said. A decision on whether or not to pursue the bid will be taken later, the Dutch firm said.
Reuters reports that Akzo Nobel made a 600 pence a share offer for ICI earlier this month.
Analysts said the Dutch interest for ICI was not surprising, seeing as financial director Rob Frohn had described ICI has a ‘fine company’ last year. It’s share price has since risen by more than 20%, ANP reports.
Akzo Nobel has money to make acquisitions since selling its Organon pharmaceuticals unit to Schering-Plough for €14bn.

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