EVC and Norsk call off merger

EVC, THE Dutch plastics company in which ICI holds a 15.8 per cent stake, and Norsk Hydro, Norway's second-largest oil producer, have called off the plan to merge Norsk Hydro's petrochemical interests into EVC. The two sides cited differences in strategic priorities and emphasis which emerged during detailed negotiations.

The plan, announced in July before the stock market crashed, would have given Norsk Hydro a 45 per cent stake in EVC and diluted ICI's holding down to 8.7 per cent.