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Akzo Nobel gains access to the books of ICI

Published: 6 August 2007
Paint giant sweetens its offer the British company with a £8 billion indicative bid
Akzo Nobel has raised its per share offer to 670p in cash. The Dutch paint company teamed up with Henkel – the latter will acquire one of ICI's adhesives and electronics units for £2.7 billion – in the long-running battle to strengthen its position in the gloabl coatings industry. Estimates put Akzo's market share at 15% should it purchase ICI and raise its presence in the US and emerging markets around the world. Access to ICI's books is being seen as a significant move towards placating shareholders concerned that Akzo is overpaying. Directors now hope to show the dissenting voices that the two businesses have considerable advantages working together.

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