As C&I went to press, Dutch coatings and chemicals company Akzo Nobel (Arnhem) was rumoured to be looking to buy UK-based coatings and specialty chemicals business ICI (London). ICI became a possible takeover target following the sale of its fragrance and flavours business Quest in late 2006 (C&I 2006, 23, 5).
Akzo Nobel wants to sell its Organon healthcare business, which could provide possible financing for an ICI deal. However, Akzo has also recently agreed to sell its share in its 50:50 rubber chemicals joint venture Flexsys to its partner US polymer and chemicals producer Solutia (St Louis, Missouri).
This deal, the financial terms of which has not been disclosed, also includes Akzo’s Crystex polymeric sulphur business in Japan together with the Japanese toll manufacturing facility at Kashima that supplies Flexsys. Flexsys had sales of $600m in 2005.