Friday December 14, 10:45 AM
EU regulators approve Akzo Nobel's takeover of ICI
BRUSSELS (AFP) - EU antitrust regulators approved on Friday Swedish-Dutch chemicals and paints group Akzo Nobel (Amsterdam: AKZA.AS - news) 's purchase of British peer ICI (LSE: ICI.L - news) after receiving promises that some assets would be sold to ensure competition.
The European Commission gave its approval on condition Akzo "divest activities in the UK, Ireland and Belgium as well as a shareholding in the adhesives manufacturer Purbond."
Last August, Dulux manufacturer ICI agreed to be bought by its Dutch rival for 8.0 billion pounds (11.2 billion euros, 16.3 billion dollars).
The transaction is expected to close on January 2, 2008.
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