ICI opens books to Akzo

ICI, the maker of Dulux paints, has agreed to open its books to Akzo Nobel after the Dutch group raised its offer to 670p a share valuing the UK group at £8bn.

• ICI opens books as deal offer hits 670p

Bear Stearns co-president resigns

The turmoil in the US mortgage market claimed its latest top level victim when Warren Spector resigned as co-president of Bear Stearns, six weeks after the collapse of two mortgage hedge funds it managed triggered a crisis in the broader credit markets

ICI opens books as deal offer hits 670p

ICI has opened its books to Akzo Nobel after the Dutch conglomerate indicated it was ready to pay up to 670p a share for the maker of Dulux paints, valuing it at about £8bn

IKB faces takeover threat from rescuers

IKB’s losses in the US subprime mortgage market could lead to the German bank’s takeover by one of the banks that last week had to rescue it.

Pentagon refuses to split deal for tankers

The Pentagon will not split a lucrative contract to supply the US Air Force with refuelling tankers between Boeing and EADS, the European defence consortium, according to a senior US defence official

Norsk Hydro chairman forced to quit

The chairman of Norsk Hydro was forced to resign over the closure of the group’s stock option scheme, which involved a NKr210m ($36.5m) payout to top executives.

Tensions ease in battle for ABN Amro

The Royal Bank of Scotland-led consortium seeking to break up ABN Amro is to be granted access to some of the Dutch lender’s senior executives after the two sides ended their hostilities

Natixis expected to seek probe over share price

Natixis, the French investment bank, is expected to reiterate full-year guidance in an attempt to calm fears that its earnings could be vulnerable to the US subprime mortgage crisis