|Imperial Chemical Industries
||EPS - Basic
||Market Cap (m)
Real-Time news about Imp.Chem. (London Stock Exchange): 0 recent articles
|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
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
So, not delisted, but trading ceases tomorrow. Delisted on 3rd Jan.|
|tourist07: I´m with you Dean, but it will be interesting to see where the share price goes if/when the Azco EGM votes in favour on 5th Nov. I have a substantial holding on margin which is costing me an annual rate of over 8% interest. I think if the share price were to go above 6.65 I would be very tempted to take the cash and stop paying interest.
Even where I am not on margin, I would still be earing 4% interest on cash in the Account, so the same thinking applies albeit slightly less powerfully.
Anyway, at 6.58 it´s still a no-brainer hold to me.|
|tourist07: Initial press release accompanying the Cirular identifies additional synergies. Although headline figure being quoted is 2.5bn this is a value in perpetuity. Net Present Value is 375m. Frankly, this is not very material in a deal of this size, given the uncertainties inherent in such estimates and suggests to me that the Board of Azco are feeling the need to further justtify the deal. Interesting ....
That said, I am personally highly confident the deal will go through. The main risks I saw were that the US Market might seem to have materially deteriorated over a 3-5 yr period, but I think that the Fed's interest rate cut (whatever you think of it as a policy) will have mitigated this.
Bought some more this am. at £6.46, when share price unexpectedly dropped.
Not long to wait now! Good luck to all.
Just passing through ....|
|tourist07: FT Online Article: May help explain the strength of the share price this week.
ICI: Akzo Nobel has spoken to its major shareholders; confident that simple majority will support deal at EGM
By Sarah Gill
Published: August 21 2007 18:44 | Last updated: August 21 2007 18:44
Akzo Nobel the Dutch chemicals groups trying to acquire UK rival ICI, has spoken to its "major shareholders and is confident it will secure the required approval at its EGM," said a company spokesperson.
The Akzo spokesperson said there had been many speculative reports in the press, but now that the company had "talked with major shareholders about [deal] facts," it was happy to say that it was convinced that it would get shareholder approval for its EGM. "We [Akzo] have had constructive talks with shareholders and explained the deal in much detail," said the spokesperson|
|chemical_ali: what will the share price be if Akzo pulls out? is there commercial logic for them to go ahead in the current environment? what are the chances of Akzo shareholders approving a deal in the current environment? how will deteriorating housing sector affect paints in US? will rising interest rates and credit market issues affect paints in UK and elsewhere?
so many questions|
|tourist07: Well, a fairly dramatic fall over the past 24 hrs from 6.40 to 6.25. Maybe not so dramatic in view of the stock market generally, but is it a market issue or a company issue.
Personally, I think that the extension to Monday is good news (as extensions go). They could have asked for 30 days. To only ask for 3 days suggests that there is not much to clear up in my view.
My only worry at the moment is that Azco will reassess the deal in the light of current market turbulence and its possible spillover into US growth and therefore demand.
But on balance, I think this one is highly likely to go through and that Azco will just use the "turbulence" argument to extract slightly tougher terms. After all, where would the ICI share price go now if they walked away. £5.00?
Just my thoughts. Added a few today at £6.255|
|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.|
Thanks for that market-insider bit of info. Citigroup makes it clear that they have downgraded ICI from a buy to a hold because the share price has risen considerably, and so cannot encourage others to buy at these prices as the upside is limited. They do believe that ICI will be taken over.
I will ignore all this because I believe a higher offer will come either from Akzo or another party and eventually ICI will be bought for £6.75-£7.00.
That info about ICI being the bidder is interesting, but I don't think it will do ICI's share price much good. Well, not in the short term anyway.
Best wishes to all.|
|miata: Analysts at Deutsche Bank downgrade ICI from "buy" to "hold." The target price is set to 475p. In a research note published yesterday, the analysts mention that the downgrade in rating is based on valuation. ICI's current share price already reflects the company's operational turnaround potential, the analysts say. According to Deutsche Bank, the upside to ICI's share price depends on bid speculation and the company is not seen as an attractive or feasible takeover target for private equity.|
|deanforester: I know it's no longer the same animal, but at the time of the split into ICI and Zeneca, the share price of the "New" ICI was 630p.
That had been chased up by the take over proposal of Hanson.
It would be instructive to know what the final dividend will be, when it is announced. A major increase would also be share price enhancing, as the yield is currently a miserable 1.8%. There are more factors in play here than just a premium over the current share price|
Imperial Chemical Industries share price data is direct from the London Stock Exchange