ICI gives Dutch bidder access to its books

The takeover of ICI moved a step closer today after the Dulux paint maker gave Dutch bidder Akzo Nobel “limited” access to its books.

ICI agreed to the move after Akzo, the maker of Crown paints, tabled a revised 670p a share offer, valuing ICI at £8bn (€11bn). It is a significant step up from Akzo’s initial £7.2bn (€10.2bn) approach in June and an advance from last week’s rejected 650p approach.

Akzo has until Thursday to declare it intentions towards the 86-year-old UK firm under the Takeover Panel’s “put up or shut up” deadline.