Imperial Chemical Industries PLC (ICI) has rejected an approach by Akzo Nobel N.V., Arnhem, the Netherlands, for a possible cash offer.

Akzo Nobel said that it believes that ICI would represent a highly attractive addition to its focused coatings and chemicals business following the announced sale of Organon BioSciences N.V. earlier this year. Akzo Nobel said that it will continue to evaluate all strategic opportunities, including ICI, based on a disciplined and value-driven approach to earnings and returns over cost of capital.

It was uncertain whether any further proposal would be made to the board of ICI or whether any offer or transaction would result. For more information,