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Akzo Updates ICI Acquisition Plans

4:53 AM MDT | October 8, 2007 | Kerri Walsh

Akzo Nobel CEO Hans Wijers provided updates about the company’s pending GBP 8.1 billion ($16.5 billion) acquisition of ICI at a press conference in London today. Akzo has decided to sell ICI’s specialty starches unit next year if the merger between the two companies goes through. The Akzo/ICI deal is expected to close on January 2, Akzo says. The specialty starches business reported first-half sales of about 390 million euros ($549.2 million), and an Ebitda margin of 17%, Wijers says. “We have less value to add to the business after we close the ICI...

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