Akzo Nobel Secures Regulatory Approvals for ICI Acquisition - Posted 12/19/07
December 19, 2007
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The European Commission and the Canadian Competition Bureau have approved Akzo Nobel’s merger clearance request with regard to its proposed acquisition of Imperial Chemical Industries (ICI). The transaction had already been cleared by the U.S. Federal Trade Commission (FTC).
The European Commission and the Canadian Competition Bureau have approved Akzo Nobel’s merger clearance request with regard to its proposed acquisition of Imperial Chemical Industries (ICI). The transaction had already been cleared by the U.S. Federal Trade Commission (FTC).
In granting clearance, both the EU and Canadian authorities have accepted a commitment package from Akzo Nobel involving the divestment of a number of Decorative Coatings businesses, which together had 2006 revenues of around EUR 300 million. Upon completion of the deal, the enlarged Akzo Nobel group will have pro forma combined revenues of approximately EUR 15 billion.
The intended Decorative Coatings divestments are as follows. For the UK and Ireland, Akzo Nobel has committed to divesting the manufacturing and warehouse sites in Darwen, Hull, Warrington, Dublin and Belfast; its Crown Decorator Centre network; and the Crown®, Crown Trade®, Berger®, MacPherson®, Permoglaze® and Sandtex® brands. Furthermore, the arrangement for the UK market includes the company’s export activities to Cyprus related to these brands. Akzo Nobel has also committed to granting a license to the buyer for the use of its Sadolin® brand in the UK and Ireland for a period of five years.
For the Belgian market, Akzo Nobel has committed to divesting its DeKeyn® and Linitop® brands, as well as granting a license to the buyer for the use of its Sadolin® brand in Belgium for five years.
In Canada, the company will sell a factory in Etobicoke, Ontario, along with its Para® and Crown Diamond® brands.
Following receipt of the approvals, the timetable for the proposed acquisition of ICI remains as previously announced. However, Akzo Nobel expects the acquisition to be completed on January 2, 2008.
For more information, visit www.akzonobel.com.
The European Commission and the Canadian Competition Bureau have approved Akzo Nobel’s merger clearance request with regard to its proposed acquisition of Imperial Chemical Industries (ICI). The transaction had already been cleared by the U.S. Federal Trade Commission (FTC).
In granting clearance, both the EU and Canadian authorities have accepted a commitment package from Akzo Nobel involving the divestment of a number of Decorative Coatings businesses, which together had 2006 revenues of around EUR 300 million. Upon completion of the deal, the enlarged Akzo Nobel group will have pro forma combined revenues of approximately EUR 15 billion.
The intended Decorative Coatings divestments are as follows. For the UK and Ireland, Akzo Nobel has committed to divesting the manufacturing and warehouse sites in Darwen, Hull, Warrington, Dublin and Belfast; its Crown Decorator Centre network; and the Crown®, Crown Trade®, Berger®, MacPherson®, Permoglaze® and Sandtex® brands. Furthermore, the arrangement for the UK market includes the company’s export activities to Cyprus related to these brands. Akzo Nobel has also committed to granting a license to the buyer for the use of its Sadolin® brand in the UK and Ireland for a period of five years.
For the Belgian market, Akzo Nobel has committed to divesting its DeKeyn® and Linitop® brands, as well as granting a license to the buyer for the use of its Sadolin® brand in Belgium for five years.
In Canada, the company will sell a factory in Etobicoke, Ontario, along with its Para® and Crown Diamond® brands.
Following receipt of the approvals, the timetable for the proposed acquisition of ICI remains as previously announced. However, Akzo Nobel expects the acquisition to be completed on January 2, 2008.
For more information, visit www.akzonobel.com.
