The sale of ICI took a step closer today after Akzo Nobel’s £8bn (€11.2bn) offer for the Dulux paint maker was cleared by European authorities.

Dulux paint maker ICI is expected to confirm an £8.1bn (€12bn) takeover deal today, which could see one of the oldest names in British industry pass into foreign hands.

ICI suitor Akzo Nobel is today said to have upped its proposed offer for the Dulux paint maker to just over £8bn (€11.8bn) in its latest attempt to secure the group.

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.