We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Imp.Chem. | ICI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 667.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 667.00 |
| Top Posts |
|---|
Posted at 18/12/2007 17:43 by deanforester From the scheme of arrangement:The following dates are subject to change: Court Hearing Date (to sanction the Scheme) . . 17 December 2007(5) Last day of dealings in, and for registration of transfers of, ICI Shares . . . . . . . . . . . . . . . . . 19 December 2007(5) Scheme Record Time . . . . . . . . . . . . . . . . . . . . 6:00 p.m. on 19 December 2007(5) Record Date for payment of the second ordinary interim dividend . . . . . . . . . . . . . . . . . . . . . . 6:00 p.m. on 19 December 2007(5) Court Hearing Date (to confirm the Reduction of Capital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 December 2007(5) Effective Date . . . . . . . . . . . . . . . . . . . . . . . . . 2 January 2008(5) Cancellation of listing of ICI Shares . . . . . . . . . . by no later than 8:00 a.m. on 7 January 2008(5) Latest date for despatch of cheques/issue of Loan Notes and settlement through CREST . . within 14 days of the Effective Date From The board of ICI announces that on 17 December 2007, the Court sanctioned the Scheme to effect the recommended acquisition of ICI by Akzo Nobel. In order for the Scheme to become effective in accordance with its terms, the Court must now confirm the Reduction of Capital at the Court Hearing which is scheduled to take place on 20 December 2007. Dealings in ICI Shares on the London Stock Exchange are expected to be suspended at 5:00 p.m. (London time) on 19 December 2007. It is expected that the Scheme will become effective on 2 January 2008 and that ICI Shares will cease to be listed on the Official List and their admission to trading on the London Stock Exchange will be cancelled at 8:00 a.m. (London time) on 3 January 2008. Upon completion of the acquisition, holders of ICI Shares will be entitled to receive 670 pence for each ICI Share held at the Scheme Record Time (6:00 p.m. (London time) on 19 December 2007) and, to the extent that they are entitled to receive Loan Notes under the Loan Note Alternative, £1.00 of Loan Notes for each £1.00 of cash consideration to which they would otherwise be entitled under the Scheme. Holders of ICI Shares will also receive a second ordinary interim dividend of 5 pence for each ICI Share held at the Scheme Record Time, in relation to the period from 1 July 2007 to 31 December 2007, provided that, if the Effective Date falls prior to 31 December 2007, such dividend will be paid pro rata by reference to where the Effective Date falls between 1 July 2007 and 31 December 2007. Elections for Loan Notes have been validly made with respect to 15,640,757 ICI Shares. Loan Notes for which elections have been made have an aggregate nominal value of £104,793,072. ICI confirms that this exceeds the minimum threshold of £20 million in aggregate nominal value of all Loan Notes to be issued as set out in the Scheme Document. The Effective Date is expected to be 2 January 2008. Settlement of the cash consideration and the issue of certificates in respect of the Loan Notes under the Loan Note Alternative are expected to be effected within 14 days of the Effective Date So, not delisted, but trading ceases tomorrow. Delisted on 3rd Jan. |
Posted at 06/10/2007 09:36 by tourist07 From the Financial Times:Dissidents losing ground in ICI bid By Salamander Davoudi and Sarah Spikes Published: October 5 2007 03:00 | Last updated: October 5 2007 03:00 Two of Akzo Nobel's top five shareholders have come out in support of the Dutch conglomerate's £8.1bn takeover of ICI, raising the likelihood that dissenting shareholders will be unable to block the deal. Paulson, the US investment firm that holds 5.1 per cent, and Centaurus, the London-based hedge fund, yesterday threw their weight behind the deal, saying the purchase of ICI would boost earnings and contribute to long-term growth. TPG-Axon, the US-based investor that owns 3.5 per cent of Akzo and has publicly opposed the deal, is understood to remain against it along with at least two other smaller shareholders. The deal needs approval from 50 per cent of shareholders. Critics of the transaction cite the high price relative to the value of peers and the cyclical nature of ICI's business as reasons for caution. Salamander Davoudi and Sarah Spikes |
Posted at 11/8/2007 08:09 by bigboots BID CONFIRMEDICI agrees to £8bn Akzo deal By Sarah Spikes and Salamander Davoudi Published: August 10 2007 22:03 | Last updated: August 10 2007 22:03 ICI has agreed to be bought by Akzo Nobel, the Dutch conglomerate, in a deal valuing the UK maker of Dulux paints at £8.1bn, although questions remain about whether Akzo shareholders who oppose the acquisition will seek to block it. The deal, which is likely to be announced by Monday, values ICI at about 679p a share including 670p in cash and an extra 9p in dividends and represents a 45 per cent premium to ICI's price in mid-March, when Akzo's sale of a pharmaceuticals business fuelled speculation about a bid for ICI. Some ICI investors had been determined to secure an offer of 700p a share, but given that Akzo has come up from its first indicative offer of 600p a share and the turbulence in global markets over recent days, they are seen as unlikely to oppose the deal. The position of Akzo investors, however, is still unclear, as some, including TPG-Axon, a US-based fund that holds 3.5 per cent, are bitterly opposed to the deal, seeing it as too expensive. TPG-Axon sent a letter to Akzo's board shortly after Akzo lifted its 600p offer to 650p saying it opposed the acquisition. Sources close to TPG-Axon have since said that, in spite of Akzo's taking on German partner Henkel to help finance the deal, the price was still too high. "Why Akzo is determined to buy a highly cyclical business near the top of the cycle and thereby lose most or all of its cash, just as that cycle looks set to turn for the worse, is hard to understand," said a person close to TPG-Axon. Akzo is in a strong position to proceed with the acquisition even if other shareholders share TPG-Axon's view, because under Dutch law it will need approving votes from only 50.1 per cent of the shareholders who choose to vote, including proxies. Even if there is a small turnout, the rule requiring a simple majority will apply. Some Akzo shareholders who have had concerns said they were reserving judgment until seeing the offer document which will tell them the value of synergies that Akzo will derive. |
Posted at 07/8/2007 14:54 by highlander2 Last article I promise - from ft.comAs ICI lures Akzo to the hook, let the auction begin By Chris Hughes Published: August 6 2007 20:07 | Last updated: August 6 2007 20:07 It sounds like merger magic. ICI has teased a higher takeover offer out of Akzo Nobel, its Dutch chemicals rival, and one that seems acceptable to the board. Yet Akzo has barely had to lift a finger to afford it. Akzo's latest indicative offer for ICI is worth 670p a share, plus up to 9p in dividends, against last week's pitch of 650p a share. The sweetener has persuaded ICI to let Akzo do due diligence. It all points to ICI recommending a firm offer within days. The price rise/drop clock is ticking??? Strange price drop!! |
Posted at 07/8/2007 11:47 by highlander2 An interesting opinion from the Times.One of the reasons for the difficulty is that Akzo's shareholder base has changed considerably this year, Mr Knight said. He now estimates that hedge funds or activist investors could constitute more than 40 per cent of Akzo's register. However, he noted: "On the plus side, the option of voting down the bid to force Akzo as a takeover target itself is less likely, given the current credit crunch on private equity." Shareholders could be holding out for a higher bid. So far, speculation has swirled around BASF, the German chemicals group, and Dow Chemical, the American group, as the two most likely counter-bidders. Analysts, however, believe that a bid from BASF is unlikely, given that the group is busy digesting more than 10 billion (£6.8 billion) of prior acquisitions. A bid from Dow is also seen as unlikely since the US group could have taken advantage of ICI's lower share price when it was trading at £4.50 six months ago if it had been serious about a deal. However, Dow Chemical is believed to be considering its options and is not ruling out a bid for ICI or Akzo itself. There are also potential antitrust concerns, given the overlap of Crown and Dulux in the British and Irish markets. Sources said yesterday that Akzo would file its proposals to overcome any regulatory concerns once it had launched a formal offer. Yesterday's raised bid was the latest twist in the battle for the 81-year-old British coatings and chemicals manufacturer. Akzo initially tabled a 600p proposal in June, but ICI immediately rejected the offer as undervaluing the company. It also dismissed a second approach last week at 650p. The raised approach and yesterday's fresh 670p bid included a simultaneous side-deal to sell ICI's adhesives and electronic materials businesses to Henkel. In a statement yesterday, Akzo said that the deal with Henkel was worth £2.7 billion, which sources said meant that Henkel was effectively paying the entire 70p extra in cash. Although no details of proposed synergies from the deal have yet been given, sources said that they would be upwards of £250 million and that both ICI and Akzo investors would back the deal once they had seen the numbers. |
Posted at 19/6/2007 21:21 by sagem TAKEN FROM CITY P.M.COM TONIGHTSHARES in chemicals giant ICI rocketed yesterday in the wake of a £7.2bn bid by Dutch rival Akzo Nobel as the market took the view that it would make a higher offer. ICI stock closed up 15.7 per cent at 635p, valuing the company at £7.6bn. Brokers thought ICI would eventually go for between 650p and 700p, valuing the business as high as £8.4bn. Akzo confirmed yesterday that it had offered 600p a share for ICI, which the British company turned down because it "significantly undervalues the business". ICI chief executive John McAdam toured the City yesterday to get support for his board's position. Investor Standard Life, which holds 5 per cent of the firm, publicly backed McAdam. Standard Life's head of UK equities David Cumming said: "A decision turning down a 600p-a-share offer makes perfect sense." He added that a fair price for ICI would be "well in excess of 700p a share, given the synergy available to the potential bidders". Akzo said yesterday it would "continue to evaluate all strategic opportunities". Analysts say Akzo's move may flush out other bidders for ICI, such as BASF, DuPont and Dow Chemicals. |
Posted at 19/6/2007 12:56 by unknown trader June 19 (Bloomberg) -- Akzo Nobel NV, the world's largest maker of paints and coatings, may raise its 7.2 billion-pound ($14.2 billion) bid for Imperial Chemical Industries Plc after being rejected by the U.K. maker of Dulux and Glidden paints.ICI would add $9.6 billion to Akzo's $18.4 billion in annual sales, and a merger would generate as much as $362 million in savings, Collins Stewart analyst James Knight said. Akzo could combine the companies' coatings units and achieve greater bargaining power with suppliers, analysts said. ``Akzo will come back with a better offer because the deal makes sense,'' said Andrew Lynch, who helps manage $11 billion at Schroder Asset Management in London. ``A bid from Akzo would be difficult to match because they can afford to go higher.'' BASF AG, Dow Chemical Co. and India's Reliance Industries Ltd. are other possible suitors, said Evolution Securities analyst Peter Cartwright in London, who has an ``add'' rating on ICI. Netherlands-based Akzo may need to pay 700 pence a share to ``keep other bidders out,'' Cartwright said. That price would be 17 percent more than yesterday's 600 pence cash bid and 28 percent higher than ICI's June 15 close. Shares of ICI were trading up 7.5 pence, or 1.2 percent, at 642 pence as of 8:20 a.m. in London. The stock jumped 16 percent to an eight-year high yesterday, boosting the company's market value by more than 1 billion pounds to 7.63 billion pounds. Shares of Akzo were little changed at 60.65 euros for a value of 17.4 billion euros ($23.4 billion). Akzo Nobel spokesman Tim van der Zanden said he wouldn't discuss ``the next step, if there is one.'' `Coatings Behemoth' ICI, based in London, is the second-biggest paint maker in China and the U.S. Akzo, whose primers and paints are used on Airbus SAS's A380 airliner, said it will continue to evaluate ICI, which remains a ``highly attractive'' company. Akzo's $14.4 billion disposal of drugs unit Organon will give it enough cash to ``comfortably'' purchase any rival, Merrill Lynch & Co analyst Fraser Hill said in London. Akzo is currently the No. 9 paints supplier in the U.S., Hill said. A combination would create a ``coatings behemoth'' that's better placed to target growth markets such as Asia, said Knight, who has a ``hold'' rating on ICI. ``Akzo can up its price,'' said Stuart Fraser, who helps manage $39 billion at Brewin Dolphin in London. ``I suspect most institutional investors wouldn't be looking for less than 700 pence. There are two or three other companies that could well be interested.'' Rival Unlikely A rival private equity bid isn't likely, Schroder's Lynch said. Akzo itself may be a target for a takeover, given its cash position following the sale of a drug unit, says Markus Mayer, an analyst at Munich-based HVB Equity, who has a ``buy'' rating on the company. ``Akzo is forced to take action in the current environment,'' said Mayer. ``It remains to be seen whether this is the final word.'' ICI spokeswoman Regina Kilfoyle, BASF spokesman Daniel Smith and Dow Chemical's Chris Huntley declined to comment. Akzo makes Crown and Sikkens paints as well as finishes for automobiles and chemicals for paper. Under Chief Executive Officer Hans Wijers, the company reported a 20 percent jump in profit last year. ``Akzo will be able to pay the highest price if there was a rival bid because of the cost savings it can get,'' said Collins Stewart's Knight. The Dutch company may come back with an offer of 650 pence, he said. Akzo's bid is equal to 1.5 times sales. That compares with the 2.2 ratio paid by Schering-Plough Corp. for Akzo's Organon, and the 1.7 ratio agreed to by Saudi Basic Industries Corp. for General Electric Co.'s plastics unit. The approach ``significantly undervalues'' ICI, the company said. European Dominance The merger would give Akzo more than 60 percent of the European market, and may prompt antitrust regulators to demand the sale of units, Mayer said. ICI was formed in 1926 when four chemical companies merged to create a bellwether of British industry. It helped develop the anti-malarial drug paludrine as well as perspex. One of the four companies was Nobel Industries, whose founder Alfred Nobel invented dynamite. ICI made 100 acquisitions through 1987 and spun off its drugs and agricultural operations as Zeneca in 1993. ``We see consolidation in the global paints market as inevitable,'' said Andrew Benson, an analyst at Citigroup in London, in a report today. He has a ``buy'' recommendation on both stocks. ``Consolidation of these major players looks feasible.'' |
Posted at 14/6/2007 13:10 by gbchak there is nothing more than general market commentary citing increased speculation that a takeover was imminent.. i did however come across an old article in the times which although old news was interesting as the chief of AKZO refused to rule out a bid for ICI:Cash-rich Akzo refuses to rule out bid for ICI Robin Pagnamenta Akzo Nobel, the Dutch chemicals company, yesterday refused to rule out using some of the 11 billion (£7.5 billion) proceeds from the sale of its medicines business to fund a bid for Britain's ICI. "We will look at all targets that make strategic sense," Hans Wijers, the chief executive, told The Times. Asked if the possible targets might include ICI, he declined to comment directly on individual companies but said: "Any companies where a combination makes sense and would be value-creative, we will look at." Akzo Nobel announced yesterday that 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. Mr Wijers said that, assuming the Organon sale proceeds smoothly, Akzo's first priority will be to deal with the company's 2 billion pension liabilities and to clear outstanding debts of 1.1 billion. The remaining 7.9 billion would then be used to fund acquisitions and return cash to shareholders, he said. "We have a very strong balance sheet and we can now focus all our attention on acquisitions across the globe." Mr Wijers said that the group's acquisition strategy would be based on what he described as three "strategic arguments": access to compelling technology as well as exposure to emerging and mature markets. ICI's market capitalisation is about £5.8 billion. James Knight, an analyst at Collins Stewart, said that acquiring ICI would be a logical next step for Akzo Nobel. "It would create by far the largest paints and coatings business in the world, give it access to great brands such as Dulux and strengths in rapidly growing emerging markets." He added that regulatory hurdles were limited, although Akzo Nobel would probably need to dispose of its Crown paints business in the UK if it made a play for ICI. As well as ICI, other possible targets could include American groups Valspar or Sherwin-Williams. However, analysts pointed out that any delay could attract interest in Akzo itself from private equity bidders. Akzo Nobel employs 61,880 people globally and operates subsidiaries in 80 countries. Revenues in 2006 totalled 13.7 billion. Mr Wijers said that the decision to sell the medicines business was made very recently. He said that Fred Hassan, Schering Plough's chief executive, had approached him just "two weeks ago" about a possible deal. The acquisition of Organon by the US pharmaceuticals giant represents another round of consolidation in the international prescription drugs industry. A spokesman for ICI declined to comment. However, she pointed out that ICI has its own acquisition strategy after the sale of Quest International, its flavours and fragrances business, to Switzerland's Givaudan for £1.2 billion. The deal was completed on March 2. ICI is keen to expand its presence in high-growth emerging markets as well as by acquiring new technology. It currently employs about 30,000 people and had sales in 2005 of £5.8 billion. |
Posted at 13/6/2007 10:34 by gbchak here are some snippets from some market commentators:Independent (yesterday): Bid stories at the paints and chemicals group ICI have done the rounds countless times in recent months, but the word in the market yesterday was that German rival BASF is considering making an offer for the company that will begin at more than 600p. ICI has long been considered a top bid prospect but until now the favourites to make a bid have always been Akzo Nobel, the Dutch group, and Dow Chemical. With traders' attention focused on bid talk in the energy sector, ICI crept up the blue-chip leaderboard all afternoon, and by the close the shares were 11.5p better at 518.5p, with almost treble the average daily volume changing hands. Traders have their fingers crossed that a first bid could lead to all three battling over ICI. FT (today): ICI, the speciality chemicals company, added 1.1 per cent to 523¾p, on bid rumours, which were stoked by a Merrill Lynch note which said Dutch company Akzo Nobel had the firepower to buy any of its competitors, including ICI. The Times (today): ICI rose 5½p at 523½p on talk that it could be vulnerable to companies other than Akzo Nobel, its mooted suitor for the best part of a year. BASF and PPG Industries were both suggested as potential bidders. Shares in the chemical group were also supported by research from Merrill, which argued that Akzo "has the ability to acquire any of its major rivals". ICI may also turn predator with a bid for Finnish peer Kemira, and could afford to give about £2 billion back to shareholders if deals do not emerge, the broker said. |
Posted at 26/1/2007 10:35 by chemical_ali Chemicals group ICI saw its shares fade yesterday as doubts arose about whether Dutch rival Akzo Nobel would make a bid for the company.The idea had been that Akzo would sell its Organon BioSciences drugs business and use the proceeds to buy ICI. Yesterday it emerged that Akzo had decided to list 20-30% of Organon rather than sell it outright, therefore receiving less money immediately and making a move on ICI less likely. Collins Stewart analyst James Knight said: "Akzo is pursuing its original plan to [float part] of the business in early 2007. This clearly lowers the chance of a bid for ICI - financing would be more difficult. However, we think the combination of Akzo and ICI's paints business makes compelling sense. Akzo would need to find around 11.5bn to bid for ICI. It has 2-3bn capacity already, and potential proceeds of around 2bn for Organon's minority IPO. Selling ICI's National Starch for 4-5bn and/or issuing hybrid equity could bridge that gap." Collins Stewart is maintaining its price target of 500p, saying ICI could afford to spend £1bn on share buybacks or acquisitions. It believes if Akzo does bid, it could pay up to 600p a share. Even so, investors decided to take profits after ICI's recent good run and its shares fell 5.5p to 463.25p. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
