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Akzo Shareholders Approve ICI Acquisition

5:00 AM MST | November 5, 2007 | Alex Scott

Akzo Nobel shareholders have approved the acquisition of ICI. In an extraordinary general meeting (EGM) in Amsterdam earlier today, shareholders voted 79% in favor of the deal. The shareholders' approval paves the way for the mega deal to go ahead. Akzo says it expects to complete the £8.1-billion ($16.5 billion) acquisition of ICI by January 2, 2008, subject to the outcome of ICI's court meeting and EGM. "We have taken a major step towards creating a global industrial leader in coatings and specialty chemicals which will provide significant benefits...

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