Akzo Nobel Ltd

Akzo Nobel Ltd

June 02, 2006 09:15 ET

Akzo Nobel N.V. Offer for Sico Inc. Successful

ARNHEM, THE NETHERLANDS and LONGUEUIL, CANADA--(CCNMatthews - June 2, 2006) - Akzo Nobel N.V. (AEX:AKY)(NASDAQ:AKZOY) and Sico Inc. (TSX:SIC) jointly announced today that Sico shareholders holding approximately 97% of the outstanding Sico common shares on a fully-diluted basis and all of the Sico Class B preferred shares have accepted the Offer dated April 25, 2006 of 9168-1528 Quebec Inc. (the Offeror), an indirect wholly-owned subsidiary of Akzo Nobel, for all of the issued and outstanding common shares and Class B preferred shares of Sico Inc. All conditions of the Offer have been satisfied and the Offeror has taken up and paid for the shares deposited under the Offer.

As at least 90% of outstanding common shares have been deposited under the Offer, the Offeror intends to acquire the common shares held by shareholders who did not accept the Offer under the compulsory acquisition provisions of the Companies Act (Quebec). A motion will be filed with the Superior Court of Quebec for approval of the Notice of Compulsory Acquisition. Materials concerning the compulsory acquisition will be mailed to all Sico shareholders who did not accept the Offer.

Note for the editor

About Akzo Nobel

Akzo Nobel is a Global Fortune 500 company and is listed on both the Euronext Amsterdam and NASDAQ stock exchanges. It is also listed on the Dow Jones Sustainability Indexes. Based in the Netherlands, we are a multicultural organization serving customers throughout the world with human and animal healthcare products, coatings, and chemicals. We employ around 61,500 people and conduct our activities in four segments - human and animal health, coatings and chemicals - subdivided into 13 business units, with operating subsidiaries in more than 80 countries. Consolidated revenues for 2005 totalled EUR 13.0 billion. The financial results for the second quarter will be published on July 20, 2006.

About Sico

In business since 1937, Sico is the largest company in Canada specializing in the development, manufacture and marketing of paints, coatings and related products. In the architectural market, its core business, Sico stands out for its innovative, high-quality products, strong brand recognition and the scope of its distribution network, which includes some 2,500 points of sale from coast to coast. In North America, Sico also markets industrial coatings primarily for metal, and mostly intended for the transportation equipment industry, the heavy machinery industry and other specialized applications. Sico employs more than 1,000 people in Canada, the United States and Mexico.

Safe Harbor Statement

This press release may contain statements which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements, including but not limited to the "Outlook", should be carefully considered and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. These factors also include changes in regulations or interpretations related to the implementation and reporting under IFRS, decisions to apply a different option of presentation permitted by IFRS, and various other factors related to the implementation of IFRS, including the implementation of IAS 32 and 39 for financial instruments. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more complete discussion of the risk factors affecting our business please refer to our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission, a copy of which can be found on the Company's website at

Pursuant to the U.S. Private Securities Litigation Reform Act 1995.

Contact Information

  • Akzo Nobel N.V.
    Holger Ebbighausen
    Corporate Media Relations
    +31 26 366 4343
    Sico Inc.
    Pierre Dufresne, CA
    President and Chief Executive Officer
    (514) 527-5111
    Sico Inc.
    Jean Ouellet, CA
    Vice President, Finance and Treasurer
    (514) 527-5111