CHEMICALS group Akzo Nobel has unveiled an agreed takeover bid for UK group Courtaulds worth £1.83 billion.
News of the deal comes a fortnight after Courtaulds announced it had received an approach, following a surge in the company's share price.
Akzo, which is one of Darwen's biggest employers, is offering 450p cash for each Courtaulds share, against 361p a share before the possible takeover approach was made public.
Akzo said the deal would make the enlarged group the world's biggest producer of protective coatings for the industrial and marine markets and would be good news for employees.
"The creation of stronger businesses in both the coatings and fibres industries can only be in their long term interests," said the company.
Akzo Nobel employs 68,900 people in more than 60 countries and its businesses include fibres, chemicals, coatings and healthcare products.
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article