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IMPERIAL CHEMICAL INDUSTRIES PLC ZENECA DEMERGER APPROVED AT EXTRAORDINARY GENERAL MEETING

 LONDON, May 28 /PRNewswire/ -- The board of Imperial Chemical Industries PLC (NYSE: ICI) announced that shareholders have today approved the demerger of Zeneca. The demerger will become effective upon admission of the Zeneca ordinary shares to the Official List of the London Stock Exchange, which is expected to be at 8:30 a.m. (London time) on Tuesday, June 1, 1993. Dealings in Zeneca Demerger shares and in Zeneca Rights shares, nil paid, are expected to commence on the London Stock Exchange at that time. Regular way trading on the New York Stock Exchange will begin on June 2, 1993 for the Zeneca ADS Rights and on June 7, 1993 for the Zeneca ADSs. Until such dates, trading on the New York Stock Exchange will be on a "when issued" basis for settlement of when issued ADS Rights on June 8, 1993 and settlement of when issued ADSs on June 11, 1993.
 Sir Denys Henderson, chairman of ICI, said: "We are delighted that the shareholders have supported the ICI Board's proposal to demerge Zeneca."
 ICI Chairman Says Demerger of Zeneca Positive, Practical
 and Far-Sighted
 ICI Chairman Sir Denys Henderson told shareholders in the company that proposals for separating the company into two halves - ICI and Zeneca - should be seen as "Positive, practical and far-sighted."
 Speaking at today's Extraordinary General Meeting called to vote on demerger at London's Grosvenor House Hotel, Sir Denys said that the proposals to demerge the company were not simply a reaction to a lengthy recession.
 "It is a business-driven solution, reached only after critical examination of performance, strategies and future prospects," said Sir Denys. "The demerger which we are recommending to shareholders today is, in our judgment, the most appropriate long-term way to allow ICI and Zeneca to focus their resources selectively, in terms of people and cash, to succeed in their quite different business sectors."
 ICI's basic values had been built up carefully since it was formed in 1926, had brought the company great success over many years and would be maintained within each company.
 "We must build on our traditions, but we must not become captives of our history, however successful that has been. No one owes us a living. Our competitors will not stand still. Demerger looks forward and seeks to shape a new direction for ICI and Zeneca which takes account of their strengths, and the new challenges which each company faces," he added.
 -0- 5/28/93
 /CONTACT: Pat Preston, 302-886-8601, or (investors) Edward C. Seage, 212-644-9274, both of Imperial Chemical Industries PLC/
 (ICI)


CO: Imperial Chemical Industries PLC ST: IN: CHM SU:

TS -- NY007 -- 3287 05/28/93 09:16 EDT
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Publication:PR Newswire
Date:May 28, 1993
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