ICI agrees £8bn takeover from Dutch rival

One of the most famous names in British industry was set to fall into foreign hands today after Dulux paint maker ICI agreed an £8bn (€11.8bn) takeover offer from Dutch rival Akzo Nobel.

ICI’s recommendation of the 670p a share offer follows a two-month pursuit by Akzo, best known in the UK for its Crown Paints brand.

The deal will end more than 80 years of British ownership for ICI, which was first founded in 1926 through the merger of four chemicals companies.

The acceptance of the latest offer comes after ICI’s board snubbed two earlier approaches from Akzo.