The ICI-ing on the cake?

Akzo Nobel’s surprise E11bn sale of its pharma unit to Schering Plough has solved one problem for the Dutch chemicals group. But for chief executive Hans Wijers, it has created another one: what to do with all the cash? Wijers is currently proposing a 10% share buyback, equivalent to E1,3bn based on Friday’s closing price, and will use some of the proceeds to cut Akzo’s UK pensions liabilities – estimated to be in the region of E1bn. But that will still leave him with about E8.7bn burning a hol...