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ICI shares leap 17% as Akzo calls back adviser

Dutch chemicals group Akzo Nobel has handed a second €10bn ($13.4bn) mandate in three months to Morgan Stanley, which is advising it on putting together an improved offer for UK rival ICI.

Shares in the UK group rocketed this morning as the market priced in expectations of a higher bid from Akzo. ICI shares surged 16.7% by 10.10 GMT to 642p, up from 549p at market close on Friday.

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