Henkel KGaA

Henkel takes further step towards acquisition of National Starch businesses

Agreement reached on transaction value

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companies/Akzo Nobel

Düsseldorf (euro adhoc) - Düsseldorf, August 6, 2007

Agreement reached on transaction value

Henkel takes further step towards acquisition of

National Starch businesses

Henkel has reached an agreement with Akzo Nobel on the value of  a   back-to-back transaction. The transaction envisages that Henkel will acquire  the  adhesives and electronic materials businesses of National Starch, a subsidiary company  of ICI. The agreed transaction value  is  2.7  billion  GBP  (close  to  4  billion euros). The signing of the  back-to-back  agreement  is  still  subject  to  the approval of the Henkel Shareholders' Committee. The transaction  is   conditional on the successful completion of the takeover of ICI by Akzo Nobel.

"With this agreement,  we  have  taken  a  major  step  towards  the successful conclusion of the planned acquisition. We consider the agreed transaction  value to be a fair price, since the new businesses offer  exceptional  complementarity with our portfolio," says Ulrich Lehner, Chairman of  the  Management  Board  of Henkel.   "Moreover,  we  expect  significant    synergies    and    a     substantial improvement of our growth  and  profit  prospects  to   arise  from  the  planned combination."

Düsseldorf - Henkel KGaA and Akzo Nobel  N.V.,  Arnhem,  The   Netherlands,  have reached an agreement on the value of a back-to-back  transaction  on  August  6, 2007. The transaction envisages that  Henkel  will  acquire  the  adhesives  and electronic materials  businesses  of  National  Starch  and  Chemical  Company, Bridgewater, N.J., USA, a  subsidiary  company  of  ICI  plc,   London,  UK.  The transaction value of these businesses is 2.7 billion GBP  (close  to  4  billion euros). Signing of the  agreement on  the  back-to-back  transaction  is  still pending. It is intended to execute the agreement, which is still subject to  the approval of the  Henkel  Shareholders'  Committee,  immediately  prior  to  the announcement of a formal offer  by  Akzo  Nobel  for  ICI.  The   transaction  is conditional on the successful completion of the takeover of ICI by Akzo Nobel.

With this acquisition, Henkel would strengthen its existing leading position  in the global adhesives  market,  particularly  in  the   industrial  business.  The National Starch businesses to be acquired realized sales of about  1.26  billion GBP (about 1.85  billion   euros)  in  2006  and  would  increase  sales  of  the Adhesives Technologies business sector to  approximately  7.3  billion  euros   - around half the total sales of Henkel.

Strategic fit The businesses to be acquired from National Starch   offer  high  complementarity with the existing  Henkel  portfolio  of the  Adhesives  Technologies  business sector.  This  applies  with   regard  to  the    exceptional    geographical    and technological as well  as  market  segment  complementarity  of  the  respective businesses.

Significant synergies Henkel expects significant synergies to arise from this combination  of  240  to 260 million euros per  year.  The main  portion  would  be  derived  from  cost synergies. Due to the complementary  businesses,  Henkel  also  expects  revenue synergies. Henkel anticipates that, following the  closing  of  the  acquisition and  adjusted  for  restructuring  costs,  the  transaction  will  be earnings accretive in the first year.

Solid financing structure To finance the acquisition, Henkel is considering a combination of  debt  and/or equity capital and/or  the possible  divestiture  of  non-core  assets.  It  is Henkel's declared aim to retain a  rating  in  the  "A"  category.  The   planned acquisition will improve Henkel's cash flow position enabling a rapid  reduction of debt despite the associated restructuring costs.

For more than 130 years, Henkel has been a leader with brands  and   technologies that make people's lives easier, better and more beautiful. Henkel  operates  in three business areas - Home Care, Personal Care, and  Adhesives  Technologies  - and ranks among the   Fortune  Global  500  companies.  In  fiscal  2006,  Henkel generated sales of 12.740 billion euros and operating profit  of  1,298   million euros. Our 52,000 employees worldwide are dedicated to fulfilling our  corporate claim, "A Brand like a Friend," and   ensuring  that  people  in  more  than  125 countries can trust in brands and technologies from Henkel.

This document  contains  forward-looking  statements  which  are   based  on  the current estimates and assumptions made by the   corporate  management  of  Henkel KGaA. Forward-looking statements are characterized by the use of words  such  as expect, intend, plan, predict, assume, believe, estimate, anticipate, etc.  Such statements are not to be understood  as  in  any  way  guaranteeing  that  those expectations will turn out to be accurate. Future performance  and   the  results actually achieved by Henkel KGaA  and  its  affiliated   companies  depend  on  a number of risks and uncertainties and may therefore differ materially  from  the forward-looking statements. Many of these factors are outside  Henkel's  control and cannot be accurately estimated in  advance,  such  as  the  future  economic environment  and  the  actions  of  competitors  and  others   involved  in    the marketplace. Henkel neither plans nor undertakes to update  any  forward-looking statements.

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in one per cent or more of any class of "relevant securities" of ICI, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.   If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of ICI, they will be deemed to be a single person for the purposes of Rule 8.3 of the Code. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of ICI by Akzo Nobel or ICI, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities.  In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8 of the Code, you should consult the Panel. -----------------------


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ots Originaltext: Henkel KGaA
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Further inquiry note:
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Branche: Consumer Goods
ISIN:      DE0006048408
WKN:        604840
Index:    DAX, HDAX, Prime All Share, CDAX
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