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Chemical Week Magazine :: Business & Finance :: Europe/Mideast

Akzo to Sell U.K. Paint Assets to Secure ICI Deal

10:14 AM MST | December 3, 2007 | Kerri Walsh

Akzo Nobel says it plans to divest most of its decorative paints business in the U.K. and Ireland to secure European Commission approval for the company’s planned £8.1-billion ($16.7 billion) acquisition of ICI. The commission says it has extended the deadline of its competition review of the deal from November 30 until December 14, to evaluate Akzo’s proposals. The acquisition of ICI is still due to close on schedule on January 2, Akzo says. Akzo says the assets it plans to divest include a decorative paints brand in Belgium. Akzo sells...

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