Amsterdam, the Netherlands, January 2, 2008 - The boards of Akzo Nobel N.V. ("Akzo Nobel") and Imperial Chemical Industries PLC ("ICI") are pleased to announce that the Scheme of Arrangement has now become effective in accordance with its terms.
It is intended that the listing of ICI Shares on the Official List will be cancelled and that ICI Shares will cease to be admitted to trading on the London Stock Exchange from 8:00 a.m. (London time) on 3 January 2008. ICI Shares were suspended from listing and dealings on the London Stock Exchange at 5:00 p.m. (London time) on 19 December 2007.
Under the terms of the Scheme, ICI shareholders are entitled to receive 670 pence for each ICI Share held at the Scheme Record Time (6:00 p.m. (London time) on 19 December 2007) and, to the extent that they are entitled to receive Loan Notes under the Loan Note Alternative, £1.00 of Loan Notes for each £1.00 of cash consideration to which they would otherwise be entitled under the Scheme. Holders of ICI Shares will also receive a second ordinary interim dividend of 5 pence per ICI Share held at the Scheme Record Time, in relation to the period from 1 July 2007 to 31 December 2007.
Settlement of the cash consideration in respect of ICI Shares and the issue of certificates in respect of the Loan Notes under the Loan Note Alternative will be effected within 14 days of today in accordance with the terms of the Scheme.
Capitalised terms used but not defined in this announcement have the same meanings as set out in the Scheme Document dated 1 October 2007.
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Akzo Nobel is one of the world's leading industrial companies. We are the biggest global coatings manufacturer and the number one in decorative paints and performance coatings, as well as being a major worldwide supplier of specialty chemicals.
We employ around 60,000 people in more than 80 countries and are committed to developing innovative products and cutting-edge technologies, with a heavy emphasis on sustainability. We have the scale and expertise to deliver whatever our customers require, wherever and whenever they need it.
Based in the Netherlands, Akzo Nobel is a Fortune Global 500 company and is listed on the Euronext Amsterdam stock exchange. We are the Chemicals industry leader on the Dow Jones Sustainability Indexes, as well as being included on the FTSE4Good Index. Pro forma combined revenues for 2006 totaled EUR 15 billion. The financial results for the fourth quarter and full year will be published on 6 March 2008 (preliminary date).
