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.

SCHERING-PLOUGH has signed a deal to buy Akzo Nobel’s drugs unit, Organon, for $14.4 billion (€10.92bn) in cash.

Takeover speculation surrounding chemicals giant ICI was fuelled today by a major fund-raising deal involving a potential suitor.