Step 1: Convert odds to probabilities.
The odds in favour of \( A \) are 2:3, so \( P(A) = \frac{2}{5} \).
The odds against \( B \) are 4:5, so \( P(B) = \frac{1}{5} \).
Step 2: Use the independence of events.
Since \( A \) and \( B \) are independent events, \( P(A \cap B) = P(A) \times P(B) \).
Thus:
\[
P(A \cap B) = \frac{2}{5} \times \frac{1}{5} = \frac{2}{25} = \frac{2}{9}
\]
Step 3: Conclusion.
Thus, \( P(A \cap B) = \frac{2}{9} \), corresponding to option (C).