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Dutch chemicals giant Akzo Nobel has moved a step closer to securing a deal to buy ICI, after increasing its offer for its UK rival to £8 billion ($21 billion), a price that should tempt the British company's management into opening its books.
The Dutch company first approached ICI a month ago with a £7.2 billion, 600p-a-share offer.
Akzo Nobel has yet to scrutinise its rival's books, but has struck a deal with German chemicals company Henkel to sell on two ICI businesses in order to increase its bid.
The Dutch company still faces significant hurdles. A number of its shareholders oppose the deal, and ICI faces a near-£700 million pension deficit.
Analysts argue that Akzo Nobel - which makes coatings used for mobile phones and ship hulls, among other products - is keen to own Dulux, the profitable paint division of ICI.
- Independent
