After two months of negotiations, the chemicals and paints group of UK-based ICI has agreed to be bought by Dutch rival Akzo Nobel for £8 billion ($16.1 billion). The board of Imperial Chemical Industries (ICI) has agreed to the cash takeover, which requires approval from shareholders, after rejecting two previous approaches by Akzo earlier in the summer. "We will create a leading global coatings and specialty chemicals company with a diversified geographic presence and well developed access to fast-growing markets in Asia-Pacific, particularly China and Latin America," said Akzo Nobel CEO Hans Wijers during a press conference. Wijers also indicated that "there may likely be job cuts" during the integration of the two groups. In a joint statement, Akzo Nobel said the board of ICI had accepted a cash offer of 670 pence for each ICI share.