ICI seeks takeover ultimatum

The Dutch firm circling chemicals giant ICI was today under increasing pressure to clarify its takeover position on the iconic UK company.

Reports today said ICI had asked the Takeover Panel to issue Akzo Nobel with a “put up or shut up” order, aimed at ending recent uncertainty.

The board of the chemicals group rejected a £7.2bn (€ 10.6bn) takeover proposal from Akzo on June 4, but it is not thought to have had formal contact with the Dutch firm since then.

Analysts believe Akzo needs to come back with an offer above 700p a share, compared with the current offer of 600p.