Akzo Nobel Announces Details of Proposed ICI Acquisition
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.