Akzo refuses to rule out bid for ICI - report |
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Tue, 13 Mar 2007 08:07
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LONDON (AFX) - Akzo Nobel, the Dutch chemicals company, yesterday refused to rule out using some of the 7.5 bln stg proceeds from the sale of its medicines business to fund a bid for Imperial Chemical Industries PLC (ICI), according to a report in The Times.'We will look at all targets that make strategic sense,' Hans Wijers, the chief executive, is cited as telling The Times.Asked if the possible targets might include ICI, he declined to comment directly on individual companies but told the newspaper: 'Any companies where a combination makes sense and would be value-creative, we will look at.'Akzo Nobel said yesterday it has agreed to sell its Organon BioSciences unit to US pharmaceuticals giant Schering-Plough as part of an effort to focus on its core chemicals and coatings businesses. It is expected that the deal will be completed in the second half of the year.rhys.jones@afxnews.comrj/nesCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Akzo Nobel to sell Organon; still preparing IPO 'just in case' 