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Akzo Nobel shareholders approve acquisition of ICI

By Tim Wright | November 7, 2007

Akzo Nobel shareholders approve acquisition of ICI

Akzo Nobel N.V. shareholders gave strong support for the company's proposed acquisition of Imperial Chemical Industries PLC (ICI).

At an Extraordinary General Meeting held in Amsterdam, shareholders voted 79%  in favor of the transaction. The transaction is expected to close on January 2, 2008, subject to the outcome of ICI's court meeting and EGM-which will both be held tomorrow-and certain other conditions precedent.

Commenting on the approval, Akzo Nobel CEO Hans Wijers said, "We have taken a major step towards creating a global industrial leader in coatings and specialty chemicals which will provide significant benefits for shareholders, employees and other stakeholders.

"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."