Akzo Nobel completes takeover of ICI

Swedish-Dutch chemicals and paints group Akzo Nobel announced on Wednesday that it had completed the purchase of British peer ICI.

The European Commission gave its approval to the takeover in mid-December on condition that 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 rival for £8.0 billion (€11.2 billion, $16.3 billion).

Akzo said ICI shares will be taken off the London Stock Exchange as of Thursday.