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’Snap news
Breaking pre-market news on Monday,
- Akzo Nobel warns on profits — statement.
- Ocado reports half year pre-tax profits of £200,000 — statement.
- HMV sells Canada business for £2m – statement.
Snap news
Breaking pre-market news on Wednesday,
- Akzo Nobel announces debt tender offer – statement.
- Yell gets valid acceptances on about 84 per cent of open offer shares – statement.
- Corporate: Compass,
ICI finally consigned to history
The curtain comes down Wednesday on one of the great eras of British industry, reports the Daily Telegraph. After 82 years, Imperial Chemical Industries – the erstwhile corporate titan which developed the anti-malarial drug Paludrine,
Lombard: UK paint fans still shouting on Akzo deal
It is almost all over bar the shouting at ICI — but shouting there will be, before Akzo Nobel of the Netherlands gets its hands on British industry’s former bellwether. Since the agreed takeover of ICI was announced in mid-August,
Akzo and ICI edge towards union – with added value
The rumours of a deal went on for months – if not years. But the $16bn takeover of ICI by Akzo Nobel, world’s largest coatings firm, is now set to be done and dusted within 3 months. The Dutch group on Monday said that the deal,
TPG-Axon renews criticism of ICI deal
Akzo Nobel’s plans to buy ICI, the UK paint maker, were again attacked by TPG-Axon, a US-based investor, which claims the £8.1bn agreement destroys shareholder value for the Dutch company. TPG-Axon,
Akzo takeover of ICI finalised
ICI, the former bellwether of the British economy, has agreed a deal with Akzo Nobel, the Dutch conglomerate, valuing the UK maker of Dulux paints at £8.1bn. Akzo and ICI were finalising details of the due diligence process ahead of the Monday 10am (BST) deadline set by the UK Takeover Panel.
Akzo set to make formal offer for ICI
Akzo Nobel is expected to make a formal offer for ICI by the end of this week, pending completion of due diligence. The Dutch conglomerate gained access to ICI’s books over the weekend after raising its indicative bid for the UK chemicals company by about 3 per cent to about £8.1bn.
ICI accepts Akzo’s indicative offer
ICI has accepted an £8bn indicative offer from Dutch chemicals group Akzo Nobel, reports the Daily Telegraph. ICI’s board is understood to have opened its books to Akzo after the company raised its indicative offer from 650p a share to around 670p a share over the weekend,
Akzo shareholder stirs rebellion on ICI
Akzo Nobel, the Dutch chemicals company, is facing a potential shareholder rebellion over its proposed £7.8bn offer for UK rival ICI after US asset manager TPG-Axon, a key investor with 3.5 per cent of Akzo,
ICI spurns fresh bid from Akzo Nobel
ICI on Monday rejected a new cash offer of 650p a share from Dutch rival Akzo Nobel, saying it did not reflect the full value of the UK chemicals group. Akzo also confirmed that its raised bid was made possible by a back-to-back deal with Henkel,
Akzo lines up ally for ICI bid
Akzo Nobel has lined up Henkel, the German maker of Persil and TheraMed toothpaste, to help it pursue a bid for ICI if the UK-based speciality chemicals company is willing to enter into talks. ICI is Monday expected to reject a second indicative offer from Akzo pitched at 650p a share but is thought to be willing to open discussions with the Dutch chemicals group.
ICI demands ultimatum for Akzo Nobel
ICI, the UK chemicals group, has requested that the UK’s Takeover Panel issue Akzo Nobel, the Dutch conglomerate, a “put-up-or-shut-up” order. The ICI board rejected Akzo’s June 4 £7.2bn takeover proposal but has had no formal contact with the Dutch company since.
Investors back ICI rejection of Akzo
Leading shareholders in ICI have backed the board’s decision to reject a £7.2bn takeover proposal from Dutch conglomerate Akzo Nobel and said any offer should be above 700p given the synergies involved.
CDS report: Deals and rumours of deals push single-names wider
Single-name action dominated the European credit derivatives markets on Monday morning.
The cost of insuring Akzo Nobel’s debt against default rose after news broke of its spurned $14.2bn offer for Imperial Chemicals Industries.
Finally, Akzo moves on ICI
After so many months of rumour, speculation and pure guess work, Dutch conglomerate Akzo Nobel issued a statement on Monday confirming its interest in taking over Imperial Chemical Industries. While ICI rejected the approach over the weekend,
ICI pension trustees warn Akzo Nobel
ICI pension trustees are insisting on a central role in any takeover talks between the UK chemicals group and Akzo Nobel, the Dutch conglomerate. The demand came on Sunday as ICI rejected a takeover proposal from Akzo valued at £7.2bn.
CDS report: Takeover rumours move credit default swap spreads
The credit derivatives market continued to be buffeted by rumours of possibly takeover bids on Friday, fuelled by a perception that the recent decline in equity prices might have made leverage buyouts more likely.
Akzo to sell drugs unit
Akzo Nobel, the world’s biggest paintmaker, on Monday unexpectedly announced it would sell its pharmaceuticals business to Schering-Plough, the US drugs group, for €11bn in cash, scrapping plans to float the unit this month.
Markets live transcript 12 Mar 2007
Markets live chat transcript for the chat ending at 11:39 on 12 Mar 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Markets Live, the live daily market commentary from the Alphaville team.
Akzo Nobel ends Organon dance as Schering-Plough cuts in
Akzo Nobel ended its long dance with human and animal health care unit Organon on Monday, offloading the business it had planned to float to Schering-Plough of the United States. Akzo had long insisted that it would list the business,
Akzo prepares for ‘imminent’ IPO of Organon
Akzo Nobel, the Dutch chemicals conglomerate, said on Thursday an IPO of its Organon Biosciences pharmaceutical division was “imminent” as it reported record full-year results and said it was “well-placed”
Akzo rejects Organon suitors
Akzo Nobel said it had rejected private equity advances for Organon Biosciences, its drugs division, and reaffirmed plans to float a minority of the unit. The development appears to make the prospect of a bid for ICI – the UK paints and adhesives group valued at more than €8bn – less likely,
ICI bid talk intensifies with Akzo Nobel most likely suitor
Like its home country, ICI has over the years shed its imperial pretensions and a slew of troublesome possessions, notes Lex. And like much of UK plc, its chief attraction now seems to be its potential for being sold to a foreign buyer.
CDS report: prices rise on LBO worries
Credit derivative prices of some of Europe’s leading companies were weaker on Friday as worries over takeovers and leveraged buy-outs prompted buying of protection in a relatively thin market, still sluggish following the Christmas and New Year holidays.
Markets live transcript 5 Jan 2007
Markets live chat transcript for the chat ending at 11:36 on 5 Jan 2007. Participants in this chat were: Helen Thomas (HT) Neil Hume (NH)
HT: Good morning – welcome to Markets Live
HT: We’ve lost Paul again today – so I’m here with Neil Hume
NH:
Akzo favours IPO of drugs arm despite buy-out firms’ interest
Akzo Nobel, the Dutch industrial conglomerate, insisted yesterday it would pursue a flotation of its €8bn pharmaceutical division in spite of interest from a string of buy-out groups keen to secure the asset ahead of its listing.
Markets live transcript 4 Jan 2007
Markets live chat transcript for the chat ending at 11:36 on 4 Jan 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Market Live, Alphaville’s daily market chat.
Akzo Nobel drugs buyout report stirs ICI speculation
KKR and Blackstone have been named by the Dutch media as the leaders of two private equity consortia invited to bid for Organon BioSciences, the drugs business that parent Akzo Nobel had previously said it would float.