Akzo now new owner of ICI India

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Kolkata, Jan 3: Akzo Nobel NV has become the new owner of ICI India Ltd following the completion of formalities relating to Akzo’s takeover of Britain’s Imperial Chemical Industries (ICI) plc, which controlled a 53.88% stake in the Indian subsidiary.

Kolkata-registered ICI India on Thursday informed the Bombay Stock Exchange that Akzo has become owner of the entire equity share capital of ICI plc on January 2 via a scheme of arrangement under section 425 of Britain’s Companies Act of 1985.

ICI India, which operates out of Gurgaon, referred to the notes in its unaudited financial results for the quarter to September 30, 2007.

Note no 4 had said, “On August 13, 2007, Akzo Nobel NV (‘Akzo’) made a formal offer for acquisition of shares of Imperial Chemical industries PLC (ICI PLC). After evaluation, the Board of Directors of ICI PLC has recommended the offer to the shareholders. The process will involve necessary approvals from shareholders of both Companies and concerned regulatory authorities.”

Note 5 had pointed out that, during the year to March 31, 2007, the company had sold its paints advanced refinish business to Asian PPG Industries Ltd. Under the agreement with Asian PPG, the acquisition would give rise to a payment of to Asian PPG of Rs 1.10 crore a month from the date of change of control to July 2009.