Coatings supplier Akzo makes formal bid to acquire Britain’s ICI
August 14th, 2007
– Furniture Today,
Deal would involve N.J.-based National Starch and Chemical Co.
AMSTERDAM, Netherlands — Global wood coatings supplier Akzo Nobel today made a formal offer to acquire Britain’s Imperial Chemical Inds. for $16 billion.
London-based ICI, the maker of Delux paints, had twice rejected informal bids from Akzo. Last week, Britain’s Takeover Panel, at ICI’s behest, said that Akzo had until today to make a formal bid.
Akzo’s proposal is being made in partnership with German home products maker Henkel. If the deal goes through, Henkel would acquire the adhesives and electronic materials businesses of National Starch and Chemical Co. of Bridgewater, N.J., an ICI subsidiary.
About a third of ICI’s more than $9 billion in sales last year was in emerging markets in Asia and Latin America, with 29% in Europe and over 40% in the Americas, according to investor filings.
Earlier this year, Akzo Nobel acquired wood coatings maker Chemcraft International, a Winston-Salem, N.C.-based, privately owned company with 2006 revenues of $145 million and customers such as casual dining producer Canadel.
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