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Akzo Secures Regulatory Approval for ICI Acquisition

12:38 PM MST | December 14, 2007 | CW Editorial Staff

The European Commission has approved Akzo Nobel's proposed £8.1-billion ($16.7 billion) acquisition of ICI. Akzo says it expects the deal to close on January 2, 2008. The commission had extended the deadline of its competition review of the deal from November 30 until December 14, to evaluate Akzo’s proposals, which includes the divestment of several decorative coatings businesses. Once the deal is completed, Akzo will be the largest paint maker worldwide, with revenues of approximately EU15 billion. Akzo says it intends to divest manufacturing and...

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