1997/12/12

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.


1997/12/19

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.


1997/12/23

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.


1998/1/2

ICI Completes Disposal as Part of 3 Billion Programme
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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:-
EICI 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.
ECompletion of the sale of the polyester film business is expected early in 1998.
ECompletion 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:-
EThe 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;
EAgreeing the sale of the explosives business in the Americas and Europe to ICI Australia (Orica) for 230 m;
ESelling the 51 per cent shareholding in its South African based explosives company to AECI for 70 m;
ESelling its North American based Forest Products to Pioneer Companies Inc for 140 m;
ESelling the UK based fertilizer business to Terra Industries for 200m, plus a deferred phased market related payment of up to a further 50 m;
ESelling its methylamines and derivatives business to Air Products for 67 m;
ESelling 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.


1998/2/2

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.


1998/12/22

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.


1999/4/8

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.


2006/11/22 ICI

ICI Announces the sale of Quest for 1,200m GBP @t[o[A

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 (p|h =2,680~j, 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.

uVhbhv@XyVeBwiS

ENational Starch and Chemical ( Unilever)
@@adhesives, sealants, specialty food and industrial starches,
@@specialty synthetic polymers, and electronic and engineering materials.
EQuest International ( Unilever)
@@fragrance, flavours and food ingredients
EUniqema@( Unilever)
@@performance specialties
EICI Paints

@


2006/6/29@ICI@

ICI Agrees to Sale of Uniqema for 410m GBP

Imperial Chemical Industries PLC has reached an agreement to sell its oleochemicals wand surfactants 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.


Jul 30 2007 ICI

ICI Rejects 650p per share proposal from Akzo

Imperial Chemical Industries PLC (gICIh) confirms that it received a further indicative proposal from Akzo Nobel NV (gAkzoh) 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
fs results for the six months ended 30 June 2007 will be released on 2nd August 2007. The Board of ICI remains confident in the Groupfs 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.

@

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


July 30, 2007 Akzo

Further Proposal from Akzo Nobel Rejected by ICI

Akzo Nobel NV (gAkzo Nobelh) announces that it has made a further approach to the board of Imperial Chemical Industries PLC (gICIh) 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 (
gHenkelh) for the sale, following completion of its proposed offer, of ICIfs 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
fs Shareholdersf 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
fs increased proposal would provide ICI shareholders with a 40% premium to ICIfs share price of 464.25 pence on March 9th, 2007, the last business day prior to Akzo Nobelfs 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.