Akzo Plans Sell-off To Clear ICI Deal

Akzo Nobel has filed a commitment package with the European Commission designed to smooth its proposed acquisition of British coatings and chemicals giant ICI. Under the proposal, the Dutch company commits to divest the majority of its own decorative coatings business in the U.K. and Ireland and its De Keyn brand in Belgium. The commission had originally set a deadline of Nov. 30 for a review of the ICI acquisition. It has now set a provisional deadline of Dec. 14 to review the deal, which is valued at more than $16 billion. Akzo Nobel executives hope to close the deal on Jan. 2, 2008.