DULUX Paintmaker ICI is Doggedly

DULUX paintmaker ICI is doggedly hanging on to its independence after rebuffing overtures from Akzo Nobel, which is facing a potential shareholder rebellion over its 7.8bn bid.

Akzo investor TPG-Axon already reckons the last 650p offer is too high and is worried the firm will overpay in its bid for the British giant, whose chemical works at Runcorn is pictured above.

But the Dutch group, which wants to merge its Crown Paints brand with Dulux, could be forced to stump up more as it emerged ICI (up 312p at 62712p) has a second admirer in Dow Chemical. The US giant is said to have asked investment bank Lazard to advise it on a possible counterbid.

Sources believe a rival challenge from Dow is unlikely because the firm has no decorative coatings business, which is the main part of ICI’s portfolio..

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