Arnhem, the Netherlands and Longueuil, Québec, Canada, June 1, 2006 – Akzo Nobel N.V. (Euronext Amsterdam: AKY; NASDAQ: AKZOY) and Sico Inc. (TSX: SIC) jointly announced today that Sico shareholders holding approximately 97% of the outstanding Sico common shares on a fully-diluted basis and all of the Sico Class B preferred shares have accepted the Offer dated April 25, 2006, of 9168-1528 Québec Inc. (the Offeror), an indirect wholly owned subsidiary of Akzo Nobel, for all of the issued and outstanding common shares and Class B preferred shares of Sico Inc.
All conditions of the Offer have been satisfied and the Offeror has taken up and paid for the shares deposited under the Offer.
As at least 90% of outstanding common shares have been deposited under the Offer, the Offeror intends to acquire the common shares held by shareholders who did not accept the Offer under the compulsory acquisition provisions of the Companies Act (Québec).
A motion will be filed with the Superior Court of Québec for approval of the Notice of Compulsory Acquisition. Materials concerning the compulsory acquisition will be mailed to all Sico shareholders who did not accept the Offer.