ICI to Sell 51% Interest in South
African Explosives Joint Venture
http://www.ici.com/po_arch_story.jsp?archive=1&year=1997b&newsId=270
ICI has agreed to sell its 51 per
cent shareholding in South African based explosives business AECI
Explosives Limited( AEL) to its joint venture partner, AECI
Limited for US$117 million in cash.
AEL manufactures and supplies a range of bulk and packaged
explosives, initiating systems and blast management services to
the mining, quarrying construction and allied exploration
industries in Africa. The business has its headquarters at
Modderfontein, near Johannesburg, South Africa.
AEL comprises three main operating units in South Africa, Ghana
and Zambia with export sales into The Congo, Zimbabwe and East
Africa. Sales in 1996 were US $ 221 m and trading profit was
$32m. The business had net assets at December 31, 1996 of $54m
and it employed about 3800 people.
ICI has chosen to focus on the specialty chemicals, coatings and
materials sectors of the chemical industry and as a consequence
has been making a series of divestments of businesses which the
Group believes will be better able to develop and grow with other
companies.
The effect of the sale on the Group's earnings is expected to be
broadly neutral. Completion of the agreement is expected early in
1998. ICI will use the proceeds from the sale, which represents
more than one times annual sales, to reduce Group borrowings.
ICI Agrees Sale of Methylamines
and Derivatives Business for £67 Million
http://www.ici.com/po_arch_story.jsp?archive=1&year=1997b&newsId=268
ICI has reached agreement to sell
its Methylamines
and Derivatives Business to Air Products for £67 million in cash.
The business comprises an integrated range of amine chemicals,
including methylamines, dimethylformamide, choline chloride,
isopropanolamines and alkylethanolamines. These are supplied as
chemical intermediates to a wide variety of industrial
applications, in particular the water treatment, fine chemical
(eg agrochemical, pharmaceutical) and other general chemical
sectors.
The business is primarily based on assets located at Billingham,
UK. As part of the business transfer, ICI will also undertake
contract manufacture for Air Products on assets in Chocques,
France.
In 1996 turnover and trading profit figures (before tax and
interest) were £53m and £6.6m respectively. Net fixed assets at
December 31, 1996 were about £17m. The business employs 125 people in
the UK who will transfer to Air Products.
The proceeds represent around 1.3 times annual sales, and the
disposal is expected to give rise to a pre-tax exceptional gain
of more than £30 million.
Completion of the sale, subject to regulatory approval, is
expected early in 1998 and ICI will use the proceeds to reduce
Group borrowings.
Air Products has an existing American amines business with a
complementary product range. Acquisition of this ICI business
therefore strengthens the Air Products' global position, having
also purchased ICI's higher amine business earlier this year. For
ICI, the sale represents a further move of its portfolio towards
specialty chemicals, coatings and materials.
ICI Agrees Sale of Explosives
Business for $370 Million
http://www.ici.com/po_arch_story.jsp?archive=1&year=1997b&newsId=267
ICI has reached agreement for the
sale of its explosives
activities in the Americas and Europe to ICI Australia (Orica), for US$ 370 million in cash.
The sale comprises ICI's International Explosives operations in
Canada, Latin America, Europe and its distribution business in
the United States, which had sales in 1996 of US$ 496 m and
trading profit of US$ 3 m. Net assets at December 31, 1996 were
US$ 135 m.
Rob Margetts, Director of ICI responsible for Industrial
Chemicals and Materials, said; "I am delighted to be able to
announce this transaction today. It reunites ICI's Americas and
European explosives businesses with those of Orica, recreating
once again the global leader in the explosives industry. It is my
belief that this brings exciting prospects for the reunited
business and its employees".
The business manufactures and supplies a full range of bulk and
packaged explosives, initiating systems, and blast management
services to the mining, quarrying, construction and allied
exploration industries worldwide. The business employs some 2,700
people.
The international headquarters of ICI Explosives is in Toronto,
Canada. The business operates in 13 countries with its main
manufacturing sites in Canada, Mexico, Brazil and the United
Kingdom.
This transaction is a further step in ICI's strategy to move its
portfolio towards the higher added value segments of coatings,
materials and specialty chemicals.
ICI's interests in explosives in Asia Pacific ended earlier this
year when the Group sold its 62 percent shareholding in ICI
Australia. ICI agreed the sale of its explosives interests in
Africa on December 12 to AECI for US$ 117 m.
The disposal is expected to give rise to a pre-tax exceptional
gain of GBP 85 m (before the reversal of GBP 142 m of goodwill
and related provisions of GBP 90m) and to have a positive effect
on the Group's earnings when based on 1997 expected performance.
Completion of the transaction is expected in early 1998. ICI
intends to use the proceeds to reduce Group borrowings.
ICI Completes Disposal as Part of
£3 Billion Programme
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998a&newsId=125
ICI's rapid portfolio reshaping
has continued with the announcement of the completion of the sale
of its polyester
polymer and intermediates (PTA and PET) interests in the UK and USA, and its 70%
shareholding in its PTA joint venture in Taiwan, to DuPont for $1.4 bn (£ 0.8 bn). The consideration consists of
cash and assumed liabilities.
Today's announcement marks the completion of the first part of
the agreement announced on July 14, 1997 under which DuPont will
also acquire ICI's titanium dioxide (outside North America) and
polyester films businesses. The aggregate consideration for the
three businesses is $3.0 bn (£1.8 bn).
The status of ICI's remaining interests in polyester polymers,
titanium dioxide and polyester film is:-
・ICI Pakistan is working
towards the establishment of a new company to develop the PTA
business in Pakistan. It is intended that during 1998, DuPont
will purchase a 50 per cent interest in the new company.
・Completion of the sale of
the polyester film business is expected early in 1998.
・Completion of the sale of
titanium dioxide (outside North America) is awaiting regulatory
approvals but is expected to be achieved in the first half of
1998.
1997 was a year of dramatic
change for ICI as the Group moved its overall business profile
radically towards the higher value added sectors of the chemical
industry. ICI's strong position in paints, polyurethanes and
acrylics was reinforced by a wide range of specialty products
tailored to meet specific customer needs and capable of
delivering sustainable profitable growth. The new portfolio is
less capital intensive and less cyclical with a much greater
emphasis on research and technology, and is designed to meet the
challenges and opportunities of the next century.
In July, ICI
acquired the former Unilever Speciality Chemicals businesses for
a total of £4.8 bn. At the time of the acquisition, ICI targeted a disposal
programme of £3 bn over three years. Since July, ICI has already achieved its
three year target. The transactions include:-
・The sale of ICI's 62.4 per
cent shareholding in ICI Australia( Orica) for almost £1 bn;
Agreeing to sell its polyester polymer and intermediates,
titanium dioxide (outside North America), and polyester film
businesses to DuPont for £1.8
bn;
・Agreeing the sale of the
explosives business in the Americas and Europe to ICI Australia
(Orica) for £230 m;
・Selling the 51 per cent
shareholding in its South African based explosives company to
AECI for £70 m;
・Selling its North American
based Forest Products to Pioneer Companies Inc for £140 m;
・Selling the UK based
fertilizer business to Terra Industries for £200m, plus a deferred phased market
related payment of up to a further £50 m;
・Selling its methylamines
and derivatives business to Air Products for £67 m;
・Selling its company HQ at
Millbank , London which it now leases back, and other property
disposals for some £120 m;
The disposals programme so far
has been achieved at attractive prices which represent in
aggregate about one times sales value. As a number of the
businesses are currently facing severe downward cyclical price
pressures, the sales proceeds represent an average price/earnings
ratio based on estimated 1997 results of over 50.
Today's announcement brings the total raised, or in the process
of completion, by ICI from the programme, to over £3.5 billion. Further substantial disposals
can be expected during the coming year.
ICI Completes Disposal of
Polyester Film Business for $650 Million
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998a&newsId=132
ICI has completed the sale of its
polyester
film business, which includes manufacturing sites in the USA, UK,
Netherlands, and Japan, to DuPont for US $650 million (£400m) in cash. The sale will also give
rise to a pre-tax exceptional gain after provision of $100m (£60m).
This marks the completion of the second part of the agreement
announced on July 14, 1997 under which DuPont will also acquire
ICI's titanium dioxide business outside North America. The first
part of the agreement, the sale of ICI's polyester polymer and
intermediates (PTA & PET) interests in the UK and USA, and
the 70 per cent shareholding in its PTA joint venture in Taiwan,
was completed on December 31, 1997. The aggregate consideration
for the three businesses is $3.0 billion (£1.8bn).
Completion of the sale of titanium dioxide (outside North
America) is awaiting regulatory approvals but is expected to be
achieved in the first half of 1998. ICI will use the proceeds
from the sale of polyester film to further reduce Group
indebtedness.
1998/2/4
ICI Agrees to Sell 'Propafilm' Business to UCB
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998a&newsId=133
ICI has reached agreement to sell
its global interests in 'Propafilm' oriented polypropylene (OPP)
films to UCB SA.
ICI's 'Propafilm' business has an annual turnover of
approximately £50 million.
It produces and sells polypropylene films which are mainly used
in the packaging industry for wrapping food and tobacco products.
The 'Propafilm' production units are located at Merelbeke, Ghent,
in Belgium and Dumfries in Scotland. The headquarters of the
business is in Welwyn Garden City, in England, and around 280
people will transfer in Europe to UCB. As part of the agreement,
ICI has agreed to provide a toll manufacturing service for UCB
for a short period.
The effect of the sale on the ICI Group will be earnings
enhancing. Completion of the agreement is expected within the
next few weeks. The sale proceeds, which will be paid in cash and
used by ICI to reduce indebtedness, represent less than one per
cent of ICI Group net assets.
1998/7/24
ICI Agrees Sale of Americas Tioxide Operations for $250 Million
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998b&newsId=171
ICI has continued its active
restructuring programme to focus the Group on the specialty
products, coatings and the materials sectors, and thereby add
shareholder value.
A further step in this process of transformation was announced
today after the signing of an agreement with NL Industries, Inc.
of Houston , Texas under which NL Industries will acquire ICI's titanium
dioxide businesses (Tioxide) in the Americas for about US $ 250 million. NL Industries
is the parent company of Kronos,Inc, a major international
manufacturer of titanium dioxide pigments. In a separate
agreement between NL Industries and DuPont, NL will acquire the
Grimsby, UK plant which DuPont is scheduled to buy from ICI.The
Grimsby transfer will occur alongside the completion of the
agreement between ICI and DuPont.
The Americas operations of Tioxide, which had sales of about
$250m and operating profits of $7m in 1997, include a 50 per cent
share in a US titanium dioxide manufacturing facility (Louisiana
Pigment Company) and a finishing unit at Tracy,Quebec, Canada.
The business is headquartered in Downers Grove, Chicago and has
sales throughout North, Central and South America.
The Louisiana Pigment Co which is a manufacturing joint venture
between Tioxide and Kronos operates a 107,000 tonnes per annum
plant at Lake Charles, Louisiana.The net assets of the business
being sold were about $200m at December 31, 1997.
Today's announcement follows the agreement announced on July 14,
1997 between ICI and DuPont for the sale of Tioxide ( excluding
the North American business) for $750m. Within that agreement
DuPont agreed that if the proceeds to ICI from the sale of the
North American business were less than $150m, then DuPont would
make up the deficit. With the agreement announced today, DuPont's
commitment will not come into play.
The Tioxide business produces titanium dioxide pigments which are
used to give whiteness and opacity to products such as paints,
paper, plastics, printing inks and fibre
It was also announced today that ICI, ICI Pakistan and DuPont
have reached agreement to extend the time necessary for the
establishment of a joint venture company in Pakistan into which
ICI Pakistan's PTA business will be transferred. The parties have
agreed to extend the time for completion of the transfer from
June 30, 1998 until December 31, 1998.
Completion of the transactions between ICI and NL Industries and
between ICI and DuPont are subject to regulatory approval. The
cash proceeds of the Tioxide Group disposals ( $1,000m) will be
used by ICI to reduce indebtedness.
1998/11/10
ICI Sells Solid Reagent Chemicals Business
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998b&newsId=183
ICI Acrylics announced today that
it has sold its solid reagent chemicals business to DuPont. Solid reagents are used in the
extraction of gold from ores.
The business has annual sales of around $25 million. The
transaction involves the transfer of the customer list and
goodwill to DuPont. DuPont will supply customers from its own
production facilities. ICI is leaving the solid reagent business
to concentrate on the liquid reagent business which is sold into
the agrochemicals, pharmaceuticals, and fine chemicals markets.
The value of the transaction represents less than one per cent of
ICI Group net assets. Today's announcement coincides with the
completion of a review of the ICI Acrylics operation at Cassel,
Billingham UK, designed to underpin the future of manufacture at
the site. The result of the sale and of the review is expected to
lead to the reduction of some 90 jobs at the site.
ICI Agrees to Sell UK
Ethoxylation Unit and Associated Businesses
http://www.ici.com/po_arch_story.jsp?archive=1&year=1998b&newsId=190
Consistent with the strategy of
concentrating resources on the higher added value segments of its
portfolio, ICI has reached an agreement with Shell Chemicals U.K. Ltd
for the sale of its interests in the distribution of ethylene
oxide in the UK and Continental Europe, and its UK resale
businesses in propylene oxide and propylene glycols. The ownership of ICI's ethoxylation unit
(Ethoxylates 4) at Wilton, Teesside will transfer to Shell but
ICI will continue to operate the plant on Shell's behalf under a
long term agreement.
The businesses being sold had a turnover of £52m in 1997. The transaction will be
earnings enhancing for ICI. Completion of the agreement, which is
subject to regulatory approval is expected early next year. The
value of the transaction represents less than one per cent of ICI
Group net assets.
As part of the agreement, Shell will become a key supplier of raw
materials to ICI's Industrial Specialties surfactants business.
ICI will concentrate on its chosen market sectors where its focus
on end-user requirements and its application expertise can
deliver significant value to both customers and markets.
ICI Sells Chance and Hunt
http://www.ici.com/po_arch_story.jsp?archive=1&year=1999a&newsId=249
As part of its continuing
restructuring programme, ICI has today announced the sale of its trading
subsidiary Chance & Hunt to a management buyout backed by venture capital company Close
Investment Management Limited.
The Runcorn, UK based business is a supply chain management
enterprise involved in the purchasing, marketing, selling, and
distribution of bulk inorganic and organic industrial and
speciality chemicals. In 1998 it had sales of around £40million.
Chance & Hunt sources products from more than 100 chemical
producers and about 85 per cent of sales are within the UK. The
business employs 46 people who will remain with the new company
Chance & Hunt Limited.
The value of the transaction represents less than one per cent of
ICI Group gross assets and ICI will use the proceeds from the
disposal to reduce indebtedness.
1999/4/15
ICI To Sell Polyurethanes, Tioxide and Selected Petrochemicals
for £1.7 billion
http://www.ici.com/po_arch_story.jsp?archive=1&year=1999a&newsId=248
ICI has today agreed to sell its polyurethanes, titanium
dioxide and selected petrochemicals businesses to Huntsman, the largest privately owned chemicals
group in North America, for an aggregate consideration of £1.7 bilIion. Initial net proceeds to ICI
from the disposals are expected to be approximately £1.3 billion which will be used to reduce
Group debt.
Huntsman will acquire ICI's businesses through a new company,
Huntsman ICI Holdings ("HICI"), to be established in
partnership with ICI for that purpose. HICI will also include
Huntsman's US propylene oxide assets. ICI has agreed to retain an
investment in HICI, with an estimated current value of around £300 million, for a minimum of three years.
The transaction will also improve the Group's interest cover. ICI
estimates that the impact of the disposals on Group earnings in
the first 12 months will be broadly neutral. On completion, the
disposals are expected to result in a small pre-tax gain, after
restructuring charges.
The disposal of these businesses continues ICI's strategic shift
towards specialty products and paints. In addition, to complete
the shift, ICI's Board has decided to sell its acrylics business,
ICI Acrylics, while continuing the sale of its remaining
industrial chemicals assets.
The transaction is subject to certain conditions, including
approval by ICI shareholders.
ICI's Chief Executive Charles Miller Smith said,
"I believe this is a great deal for ICI's shareholders. It
represents a major step in delivering ICI's transformation
strategy and obtains attractive values for these businesses. The
transaction confirms our determination to focus our resources on
the performance and growth of our high quality specialty and
paints businesses.
"The Huntsman Corporation has a proven record of developing
and growing the businesses it acquires. We are selling operations
with leading market positions, good management and a strong track
record of achievement. We are confident these businesses, their
customers and employees will prosper under their new
ownership."
Jon Huntsman, Chairman and CEO of Huntsman said,
"I am delighted to be able to conclude this transaction with
ICI. The creation of HICI significantly increases the size of our
current business and substantially boosts our overall global
presence, particularly in Europe. The underlying strength of the
businesses contributed by ICI, and the benefits that will accrue
from this acquisition, fit with our long term strategy to extend
our portfolio in strong intermediate markets with high value
adding products."
This summary should be read in the context of the full text of
this announcement.
1999/7/16
ICI to Sell German Acrylic Sheet Subsidiary
http://www.ici.com/po_arch_story.jsp?archive=1&year=1999b&newsId=101
ICI to Sell German Acrylic Sheet Subsidiary ICI Acrylics has
reached agreement to sell its German subsidiary ICI Acrylics
GmbH which operates
the extruded sheet plant at Nischwitz, near Leipzig, to Barlo Group
plc.
Completion of the transaction, which is valued at less than one
per cent of ICI Group gross assets, is subject to regulatory
approval. ICI announced on April 15 that it intended to sell ICI
Acrylics and is currently assessing a range of disposal options.
2000/11/2
ICI Agrees Sale of UK Methanol Business
http://www.ici.com/po_arch_story.jsp?archive=1&year=2000b&newsId=53
ICI has agreed to sell its UK
based methanol business to Methanex of Vancouver, the world's
largest producer and marketer of methanol. The value of the
transaction to ICI is expected to approach £15 million.
Methanol is a basic chemical derived from natural gas. It is used
as a raw material for a wide range of industrial processes
including formaldehyde, acetic acid and methyl methacrylate
(MMA). ICI is now a world leader in specialty products and paints
and the sale of this business is part of its strategy of
divesting its industrial chemicals operations to focus on
specialty chemicals.
ICI's methanol production assets based at Billingham, Teesside,
UK are not included in the sale to Methanex. The 500,000 tonnes
per annum unit will toll manufacture methanol for Methanex until
its scheduled statutory maintenance shutdown at the end of April
2001 when it will be mothballed. Twenty one people employed by
the business will transfer to Methanex while the remaining 67
will continue to be employed by ICI until the plant is
mothballed.
Completion of the agreement, subject to regulatory approval, is
expected before the end of this year and ICI will use the
proceeds of the transaction to reduce Group indebtedness.
ICI is one of the world's largest producers of specialty products
and paints. It is a global leader in creating, developing, making
and marketing ingredients for foods and personal care, specialty
polymers, electronic materials, fragrances and flavours. Together
with its traditional strengths in paints, ICI is a major player
in the worldwide development of sensory products. ICI has a range
of more than 50,000 products, 45,000 employees worldwide, and had
sales in 1999 of $13.7 billion.
ICI Announces the sale of
Quest for 1,200m GBP フレーバー、香料
Imperial Chemical
Industries PLC has reached an agreement to sell Quest, its
flavours and fragrance business, to Givaudan for a gross cash consideration of
1,200 million GBP (英ポンド =2,680億円）, subject to closing balance sheet
adjustments, including working capital and net debt.
Of the gross consideration, around 70 million GBP will be used to
provide for deal-related tax and costs. Of the balance,
approximately 230 million GBP will be used to reduce ICI's
post-retirement benefit deficits and around 900 million GBP will
be used in the near term to eliminate net debt. The transaction is expected to
be earnings neutral in 2006; have an implied current year EBITDA
multiple of over 15 times, and should give rise to a profit after
tax of around 900 million GBP. This will be accounted for as a
special item in ICI's Income Statement when the deal has been
completed. Quest will be treated as "held for sale" in
the year end accounts.
Subject to approval by ICI shareholders, regulatory approval and
employee consultation, it is hoped that completion will take
place during Quarter 1, 2007. An Extraordinary General Meeting
will be held in due course. Details of the EGM will be announced
separately.
Under ICI's ownership, Quest was expected to improve operating
performance through delivering growth and margin enhancement in
the medium-term. The consideration obtained by ICI reflects the
strategic value of the business as a leading player in an
attractive industry, as well as the expected performance
improvement.
John McAdam, Chief Executive of ICI, commented: "The sale of
Quest represents another major step towards realigning ICI. The
disposal proceeds will allow us to accelerate our investments in
our strong coatings, adhesives and other
specialty chemicals businesses to deliver higher levels of
profitable growth."
He added: "I would like to thank the Quest team for their
outstanding efforts in rebuilding the performance and value of
the Quest business over the past three years. This has resulted
in the creation of significant shareholder value."
In 2005 Quest had sales of 560 million GBP and a trading profit
of 52 million GBP. Quest is headquartered in Naarden, The
Netherlands, and employs around 3,400 globally with major
activities in the US, UK, Continental Europe and Asia Pacific. As
at 31 December 2005, Quest had gross assets of 374 million GBP.
About ICI
ICI is one of the world's major specialty products and paints
businesses. Alongside Quest, the Group's principal businesses are
National
Starch and ICI Paints, which together account for more
than 72% of ICI's sales. Today around a quarter of ICI's sales
are made in Asia Pacific, with 30% in Europe and over 40% in the
Americas.
ICI products today include flavours and starches for the food
industry, fragrances and specialty polymers for personal care
products, adhesives for the electronics and packaging markets as
well as a wide range of decorative coatings and specialty
products for domestic use and the construction industry. Listed
on both the London and New York Stock Exchanges, ICI is a member
of the FTSE100, FTSE4Good and the Dow Jones Sustainability Index.
ICI has approximately 30,000 employees worldwide and, including
the recently divested Uniqema business, had sales in 2005 of 5.8
billion GBP.
About Givaudan
Givaudan is the leading company in the flavours and fragrance
industry with a vision to be the Essential Source of Sensory
Innovation for customers, driven by a mutual passion for
excellence. Through unique sensory expertise and consumer
insight, Givaudan provides customers with the taste and smell
profiles that are key to their products' success. Givaudan, based
in Vernier, Switzerland, serves global, regional and local
customers around the world. In 2005, the company generated sales
of around CHF 2.8 billion, with a workforce of almost 6,000 and a
presence in over 100 countries.
「新生ＩＣＩ」 スペシャルティ化学品４部門
・National Starch and Chemical (旧 Unilever)
adhesives, sealants, specialty food and industrial starches,
specialty synthetic polymers, and electronic and engineering materials.
・Quest International (旧 Unilever)
fragrance, flavours and food ingredients
・Uniqema (旧 Unilever)
performance specialties
・ICI Paints
ICI Agrees to Sale of Uniqema for 410m GBP
Imperial Chemical Industries PLC has reached an agreement to sell its oleochemicals 油脂化学and surfactants界面活性剤 business, Uniqema, to Croda International PLC for a gross consideration of 410m GBP, subject to closing balance sheet adjustments, including working capital and net debt. The net consideration will be paid in cash on completion.
Of the gross
consideration, 24m GBP will be used to provide for deal-related
costs and tax. Of the balance, approximately 130m GBP will be
used to reduce ICI's related post-retirement benefit deficits and
around 256 m GBP will be used in the near term to reduce net
debt. The transaction is expected to give rise to a profit after
tax of around 16m GBP which will be accounted for as a special
item in ICI's Income Statement when the deal has been completed.
The transaction is expected to be completed in Quarter 3, 2006,
subject to approval by Croda shareholders, regulatory approval
and employee consultation. In the case of the Uniqema business
within ICI India Limited, the transaction is subject to its
shareholders' approval. The Uniqema business within ICI Pakistan
Limited will not be part of the transaction.
ICI took the strategic decision in February to divest Uniqema.
ICI Chief Executive John McAdam stated at the time that there was
no compelling need to divest Uniqema, but if there was scope to
realise value from a sale, ICI would have several attractive
opportunities to invest the proceeds in other parts of ICI.
Dr McAdam said today: "We are pleased with the outcome of
this sale process, and we are confident that we can deploy these
resources into other parts of ICI which we believe can generate
greater strategic and financial returns for our
shareholders."
He added: "I want to thank Uniqema's employees for their
outstanding service to ICI over many years and wish them every
success."
For the year ended 31 December 2005 the Uniqema business being
sold had sales of 626m GBP and EBITDA of 49m GBP. At 31 December
2005 it had gross assets of 461m GBP.
About Uniqema
Uniqema is a leading manufacturer of surfactants, oleochemicals
and related derivatives. Its markets include polymers,
lubricants, personal care, healthcare, process intermediates,
crop protection, oilfield, textiles, polymer additives and
cleaning. The business has manufacturing facilities in 11
countries and is headquartered at Gouda in the Netherlands. It
has approximately 2,500 employees, who will transfer to Croda.
About ICI
ICI is one of the world's major specialty products and paints
businesses. Alongside Uniqema, the Group's principal businesses
are National Starch, Quest and ICI Paints, which together account
for more than 90% of ICI's sales. Today around a quarter of ICI's
sales are made in Asia Pacific and 40% in the Americas with less
than 12% now made in the UK.
ICI products today include flavours and starches for the food
industry, fragrances, surfactants and specialty polymers for
personal care products, adhesives for the electronics and
packaging markets as well as a wide range of decorative coatings
and specialty products for domestic use and the construction
industry. Listed on both the London and New York Stock Exchanges,
ICI is a member of the FTSE100, FTSE4Good and the Dow Jones
Sustainability Index. ICI has approximately 32,000 employees
worldwide and had sales in 2005 of 5.8 billion GBP.
ICI Rejects 650p per share proposal from Akzo
Imperial Chemical Industries PLC (“ICI”) confirms that it received a further indicative proposal from Akzo Nobel NV (“Akzo”) under which it would acquire ICI for 650p per share in cash. The proposal was subject to a number of pre-conditions, including completion of due diligence.
The Board of ICI
considered this revised proposal and unanimously rejected it on
the grounds that it failed to recognise the full strategic value
of ICI.
Subsequently, ICI met with Akzo to advise that the proposal was
rejected and to explore whether it could be increased. This
meeting did not result in an improved proposal. Discussions are
continuing, however, ICI has not granted Akzo access to due
diligence information.
ICI’s results for the six months ended
30 June 2007 will be released on 2nd August 2007. The Board of
ICI remains confident in the Group’s strategy and growth prospects.
As required by the Takeover Code, ICI confirms that this
announcement is not being made with the agreement or approval of
Akzo. For the avoidance of doubt, there can be no certainty that
the approach by Akzo will lead to an offer being made for ICI or
as to the terms on which any offer might be made.
当初
Akzo Nobel had made a 600 pence a share bid or approximately GBP 7.2 billion to acquire Imperial Chemical Industries or better known as ICI
Further Proposal from Akzo Nobel Rejected by ICI
Akzo Nobel NV (“Akzo Nobel”) announces that it has made a further approach to the board of Imperial Chemical Industries PLC (“ICI”) with an increased offer proposal of 650p per share in cash. However, the proposal has been rejected on the grounds that it did not reflect the full value of ICI.
Akzo Nobel was able to make an increased offer proposal after it had entered into an exclusive arrangement with Henkel KGaA (“Henkel”) for the sale, following completion of its proposed offer, of ICI’s Adhesives and Electronic Materials businesses.
Akzo Nobel and Henkel have negotiated a back to back agreement relating to this proposed sale which, subject to the approval of Henkel’s Shareholders’ Committee, they would intend to execute immediately prior to the formal announcement of an offer by Akzo Nobel. The exclusivity agreement with Henkel enables both Akzo Nobel and Henkel to each focus on the businesses that offer them most synergies thereby meeting their respective stated strategic and financial objectives. It would also allow Akzo Nobel to return further cash to its shareholders.
Akzo Nobel continues to believe that ICI would represent a highly attractive addition to its coatings business. Akzo Nobel’s increased proposal would provide ICI shareholders with a 40% premium to ICI’s share price of 464.25 pence on March 9th, 2007, the last business day prior to Akzo Nobel’s announcement in relation to the disposal of Organon BioSciences.
Akzo Nobel is evaluating its options. Whilst discussions continue, Akzo Nobel will remain financially disciplined.
There can be no certainty that any further proposal will be made to the board of ICI or that any offer or transaction will result. A further announcement will be made if appropriate.