ICI’s dangerous game

ICI is playing tough. In the last six weeks, the UK paint and chemicals company has rebuffed two approaches from its Dutch rival Akzo Nobel. ICI’s first rejection - of a 600p a share approach - looked justified. But shareholders should be hoping that the rebuttal of a 650p offer, which values the group at £7.8bn, is merely tactical. ICI can’t easily justify asking for more. Akzo is already offering a price well-above ICI’s standalone value. ICI’s specialty chemical peer group - composed of Lanxe...