Akzo Nobel makes formal offer for ICI

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AMSTERDAM, Oct 1 (Reuters) Dutch chemical group Akzo Nobel NV made a formal offer on Monday for Britain's ICI, saying that it expects the deal to close in three months.

Akzo Nobel in August agreed to buy Imperial Chemical Industries Plc (ICI), which makes Dulux paints, for 8 billion pounds to create the world's biggest paint maker and retain its lead in industrial coatings.

Akzo said that it sees operating cost savings and other synergies of 2.5 billion euros, post-tax, after implementation costs.

REUTERS SI HT1145

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