British chemicals company ICI has rejected a new takeover offer from Dutch peer Akzo Nobel. The Arnhem-based group had increased its earlier offer of 600 pence a share to 650 pence, but this was again rejected by ICI as being too low.

A number of ICI shareholders have indicated a bid of over 700 pence would be acceptable, ANP reported.
Akzo Nobel is said to be vulnerable to takeover if its efforts to buy ICI fail. In particular it is interested in ICI’s paint division Dulux, which is one of the most profitable paint makers in the world.