Industry News

Akzo Nobel Completes ICI Acquisition

Published on 2009-01-05. Author : SpecialChem

AMSTERDAM, The Netherlands -- The boards of Akzo Nobel N.V. and Imperial Chemical Industries PLC are pleased to announce that the Scheme of Arrangement has now become effective in accordance with its terms.

It is intended that the listing of ICI Shares on the Official List will be cancelled and that ICI Shares will cease to be admitted to trading on the London Stock Exchange from 8:00 a.m. (London time) on 3 January 2008. ICI Shares were suspended from listing and dealings on the London Stock Exchange at 5:00 p.m. (London time) on 19 December 2007.

Under the terms of the Scheme, ICI shareholders are entitled to receive 670 pence for each ICI Share held at the Scheme Record Time (6:00 p.m. (London time) on 19 December 2007) and, to the extent that they are entitled to receive Loan Notes under the Loan Note Alternative, £1.00 of Loan Notes for each £1.00 of cash consideration to which they would otherwise be entitled under the Scheme. Holders of ICI Shares will also receive a second ordinary interim dividend of 5 pence per ICI Share held at the Scheme Record Time, in relation to the period from 1 July 2007 to 31 December 2007.

Settlement of the cash consideration in respect of ICI Shares and the issue of certificates in respect of the Loan Notes under the Loan Note Alternative will be effected within 14 days in accordance with the terms of the Scheme.

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Scheme Document dated 1 October 2007.

Source: AkzoNobel

The Chemicals Sales & Marketing Toolbox
Channel Alerts

Receive weekly digests on hot topics

Back to Top