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LONDON (AP) - Imperial Chemical Industries PLC rejected an informal 7.2 billion pound ($14.2 billion) takeover bid by Akzo Nobel NV, the company said Monday.
Its shares soared more than 16 percent as analysts saw higher bids as a possibility.
ICI, which makes Dulux paints, said its board unanimously rejected the approach "on the grounds that it significantly undervalues ICI."
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