Akzo Nobel has confirmed that it has approached the board of Imperial Chemical Industries PLC (ICI) with a view to entering into discussions about a possible cash offer for ICI. However, the approach has been rejected.
Akzo Nobel believes that ICI would represent a highly attractive addition to its focused coatings and chemicals business following the announced sale of Organon BioSciences N.V. earlier this year. Akzo Nobel will continue to evaluate all strategic opportunities, including ICI.
There can be no certainty that any further proposal will be made to the board of ICI or that any offer or transaction will result, according to the company.