Akzo Nobel makes new bid for ICI takeover

Dutch-Swedish chemicals group Akzo Nobel said Monday it had made a new takeover offer for British rival Imperial Chemical Industries (ICI), valuing the company at 8.0 billion pounds (111 billion kronor, $16.3 billion).

“Akzo Nobel was able to make this increased proposal after further discussions with both ICI and (German company) Henkel,” Akzo Nobel said in a press release.

Akzo Nobel is working with Henkel on an offer for ICI and plans to sell on ICI’s adhesives and electronic materials business to the German firm, the company said.

ICI on June 30 rejected an already improved takeover bid from Akzo Nobel worth 7.8 billion pounds.

Akzo Nobel, which owns Crown Paints in Britain, has said it believes ICI would be a highly attractive addition to its business following the sale of its healthcare business Organon BioSciences for 11 billion euros to US rival Schering-Plough in March.