Akzo Nobel shareholders approve takeover of ICI

Shareholders in Swedish-Dutch chemicals and paints group Akzo Nobel on Monday approved the company's proposed takeover of British peer ICI.

Some 79 percent of Akzo shareholders voted in favour of the acquisition at a general meeting held in Amsterdam, the company said in a press release.

“This deal is about growth. It’s about combining the expertise, technologies, products and brands that both companies have developed, and achieving leading positions across different global markets to create a strong platform for future growth,” Akzo chairman Hans Wijers said.

Last August, Dulux manufacturer ICI agreed to be bought by its Dutch rival for £8 billion pounds (€11.8 billion, $16.1 billion).

The transaction is expected to close on January 2nd, 2008. ICI will hold a general shareholders meeting to vote on the deal Tuesday.