ICI, the former bellwether of the British economy, is set to fall under foreign ownership after agreeing a deal with Akzo Nobel, the Dutch cong­l­o­merate, valuing the UK maker of Dulux paints at £8.1bn.

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The company joins a long list of industrial blue-chip companies that have been bought by foreign bidders over the past years including Corus, BOC and Pilkington.