Dutch interest in Courtaulds

Dutch interest in Courtaulds

AKZO NOBEL of Holland yesterday confirmed it wanted to buy Courtaulds, the UK chemicals group, and would pay pounds 1.83bn in cash to become the world's largest maker of paints and coatings. The 450p-per-share bid, below Courtaulds' closing price on Friday of 465.5p, sent Akzo Nobel shares rising as much as 3.1 per cent, while Courtaulds' shares fell as much as 3.4 per cent. A takeover by Akzo Nobel, which has not made a formal bid, would create a company with combined coatings sales of about pounds 3.44bn