PPG walks away from S$41 billion bid for paintmaker Akzo Nobel

Posted June 02, 2017

USA chemicals giant PPG Industries (NYSE:PPG) has conceded defeat in its attempt to take over Dulux paints maker Akzo Nobel.

PPG said it made a final attempt at engaging with AkzoNobel's board last week, but did not receive a response.

However, the Dutch company had "consistently refused to engage" and therefore "we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time". Under Dutch law, PPG had to make a decision today to pursue a formal takeover attempt or pause for a six month cooling off period.

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Akzo chief executive Ton Buchner said: "We continue to focus on our business, pursuing our strategy of accelerating sustainable growth and profitability and creating two focused, high-performing businesses - paints and coatings and speciality chemicals".

"By contrast, AkzoNobel has outlined a compelling strategy to accelerate growth and value creation which we believe will deliver significant long-term value for our shareholders and all other stakeholders".

The Amsterdam-based AkzoNobel has in recent months rejected three takeover offers from PPG, the last of which would have valued the company at around €24.6 billion (RM118.4 billion).

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In April, Akzo presented its case for remaining independent, offering shareholders 1.6 billion euros in extra dividends and detailing plans to sell or float its chemicals subsidiary, which represents a third of company sales and profits. PPG had considered taking its offer hostile.

At 1055 BST, Akzo shares were down 1.3% to €73.58.

PPG had proposed a takeover deal worth about 26.3 billion euros ($29.5 billion), or 95 euros per share.

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