October 2, 2007 – Dutch conglomerate Akzo Nobel has said it will seek to offload ICI's speciality starch business if shareholders give the green light to takeover on November 5.
Akzo CEO Hans Wijers has been reported as saying there had already been interest shown in purchasing the starch arm of ICI, although neither he nor a company spokesman would confirm any other details.
The Dutch company has said the cost savings from the merger, which it wants to complete by January 2, 2008, are estimated at 2.5 billion euro.
An Akzo statement said: “Akzo Nobel intends to find a new owner for ICI’s Speciality Starches activities.”
ICI has 26,000 employees worldwide and in 2006 posted sales of £4.8 billion.