ARNHEM, the Netherlands — Akzo Nobel has stated that it has approached the board of Imperial Chemical Industries PLC (ICI) to enter into discussions about a possible cash offer for ICI. However, the approach has been rejected.

According to the company, Akzo Nobel believes that ICI would represent a highly attractive addition to its focused coatings and chemicals business following the announced sale of Organon BioSciences N.V. earlier this year. Akzo Nobel says it will continue to evaluate all strategic opportunities, including ICI, based on a disciplined and value-driven approach to earnings and returns over cost of capital. It is not clear that any further proposal will be made to the board of ICI or that any offer or transaction will result.