It sounds like merger magic. ICI has teased a higher takeover offer out of Akzo Nobel, its Dutch chemicals rival, and one that seems acceptable to the board. Yet Akzo has barely had to lift a finger to afford it.

Akzo’s latest indicative offer for ICI is worth 670p a share, plus up to 9p in dividends, against last week’s pitch of 650p a share. The sweetener has persuaded ICI to let Akzo do due diligence. It all points to ICI recommending a firm offer within days.