Details are also provided regarding the cost synergies and additional benefits of the ICI acquisition. Management estimates that the operating-cost savings and other synergies relating to the ICI paints business will result in a total post-tax net present value benefit of approximately €2.5 billion after implementation costs. In addition to the pre-tax operating cost savings of €280 million per annum announced on August 13, this figure includes preliminary assessments of further synergies amounting to a post-tax net present value benefit of approximately €375 million. Akzo Nobel intends to find a new owner for ICI’s Specialty Starches activities and plans to retain ICI’s Specialty Polymers business.
Akzo Nobel Announces Details of Proposed ICI Acquisition
November 1, 2007
AMSTERDAM, the Netherlands - Akzo Nobel N.V. has published the agenda and accompanying Shareholders’ Circular for its Extraordinary General Meeting of Shareholders. The Circular explains that, subject to the approval of the shareholders of Akzo Nobel and ICI, and certain other conditions precedent, completion of the ICI deal is currently expected to take place on January 2, 2008.