EU regulators approve Akzo Nobel’s takeover of ICI

EU antitrust regulators approved on Friday Swedish-Dutch chemicals and paints group Akzo Nobel's purchase of British peer ICI after receiving promises that some assets would be sold to ensure competition.

The European Commission gave its approval on condition Akzo “divest activities in the UK, Ireland and Belgium as well as a shareholding in the adhesives manufacturer Purbond.”

Last August, Dulux manufacturer ICI agreed to be bought by its Dutch rival for £8 billion ($16.3 billion).

The transaction is expected to close on January 2nd, 2008.