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ICI deal gets green light

Published: 5 November 2007
Akzo shareholders vote in favour of ICI takeover.
ICI deal gets green light
Akzo Nobel shareholders have overwhelmingly agreed to the £8bn takeover of ICI at an egm today.

Approximately 80% of shareholders voted in favour of the deal, which is expected to conclude in January 2008.

It was announced at the egm that Akzo's chairman, Hans Wijers will be ceo of the new company once the the deal closes.

"I'm very determined to make this company the winner of the Champions League," he told shareholders.

Akzo will sell off some of ICI's adhesives and materials businesses to Henkel for £2.7bn.

ICI is to hold an egm on the deal tomorrow (November 6).

Update - Shareholders vent their fury at loss of chemical giant

At a sometimes heated and emotional egm, ICI shareholders told management they had 'disembowelled' the world-renowned company.

According to reports, more than 300 shareholders attended with many of the outspoken comments emanating from former workers with shares in ICI.

One called the egm a 'memorial meeting' and said they were attending to offer their condolescences.

Although angry voices were listened to, the deal was voted in favour, and is expected to complete in January 2008.

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