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AkzoNobel Writes Down Former ICI Assets, Posts a Big Fourth-Quarter Net Loss

7:41 AM MST | March 2, 2009 | IAN YOUNG

AkzoNobel reported a net loss of €1.5 billion ($1.9 billion) for the fourth quarter of 2008, compared with a €56-million profit in the year-earlier period. The loss includes an impairment charge of €1.2 billion covering a write-down of the former ICI decorative paints and National Starch businesses, AkzoNobel says. AkzoNobel acquired ICI for £8.1 billion ($11.6 billion) at the start of 2008. The deal made AkzoNobel the biggest producer of decorative paints. The decorative paints business has since been severely impacted by the housing slump...

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