London/Amsterdam, Aug 13 - Dutch chemicals group Akzo Nobel NV has agreed to buy Britain's ICI Plc for 8.0 billion pounds ($16.2 billion) to boost its position as the world's biggest industrial coatings maker.
Akzo Nobel said on Monday it would pay 670 pence a share in cash for the maker of Dulux paints, or 22 percent above Imperial Chemical Industries' closing share price on June 15, the day before it said it had received an approach from Akzo Nobel.
Akzo has also agreed to sell ICI's adhesives and electronic materials businesses for about 2.7 billion pounds to German consumer products group Henkel.