Akzo’s ICI takeover receives shareholder approval

Shareholders of Akzo Nobel and ICI have agreed to a merger of the companies.

At an extraordinary general meeting, Akzo Nobel shareholders voted 78.65% in favour of the acquisition of rival ICI – a move which would give the Dutch-based company an estimated 15% share of the world’s coatings market.

ICI shareholders had earlier given their backing to the deal with a resounding 99% majority in favour.

ICI produces the Dulux, Cuprinol, Xysladecor, Maxilite and Pillack brands, while Akzo owns Crown, Berger, Sadolin and Sikkens.