PPG Drops AkzoNobel Takeover Bid

PPG Drops AkzoNobel Takeover Bid

USA paints and coatings maker PPG Industries PPG.N will not launch a formal bid for Dutch rival Akzo Nobel AKZO.AS after repeated informal offers were rejected, it said on Thursday.

The Pittsburgh chemicals company said Thursday that it made a final attempt to speak with AkzoNobel last week with no success.

With the withdrawal a period of three months in which PPG offered for AkzoNobel came to an end, at least for six months.

"The deal collapsed because Akzo Nobel just did not want it, and as long as the current management board and supervisory board are there, I don't see that changing", ABN Amro Bank analyst Mutlu Gundogan said.

PPG will not be making a fourth takeover offer for Dulux owner Akzo, the company said in a statement.

Going directly to shareholders was destined to be rocky.

Akzo Nobel has held firm to its alternative plan to break into two companies focused on chemicals and coatings.

"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".

A large group of Akzo Nobel shareholders led by hedge fund Elliott Advisors on Monday lost a bid in court to try to force Akzo's boards to engage in talks with PPG. The Amsterdam-based company reiterated its support for the chairman, saying Burgmans had played a crucial role in evaluating and rebuffing the latest bid.

The US company failed this week win an extension of that deadline.

It last offer, made last month, was raised by 8% €96.75 per share and valued the group at £23.4bn.

Akzo shares were trading 1.7 percent lower at 73.20 euros by 0955 GMT (5:55 a.m. ET).

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