Akzo Nobel’s plans to buy ICI, the UK maker of Dulux paints, were attacked by TPG-Axon, a US-based investor, which has vowed to oppose the £8.1bn agreement on the grounds that it destroys shareholder value for the Dutch company.

TPG-Axon told the Financial Times that in spite of the benefits that Akzo gained by partnering with Henkel – the German company that will take some of ICI’s business units – the all-cash agreement was still not in the interests of Akzo shareholders.