ICI 'to reject second Dutch offer'

Dulux paint maker ICI is set to reject a second higher takeover approach from Dutch suitor Akzo Nobel worth £7.7bn (€11.4bn), it was reported today.

Sun, 29 Jul, 2007 - 13:11

Dulux paint maker ICI is set to reject a second higher takeover approach from Dutch suitor Akzo Nobel worth £7.7bn (€11.4bn), it was reported today.

ICI, which employs around 3,500 people in the UK, snubbed an initial £7.2bn (€10.7bn) approach from Akzo in June, saying that the 600p a share proposal “significantly undervalued” the business.

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