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).

Related Articles

  • World leaders reaffirm commitment to fighting climate change

    World leaders reaffirm commitment to fighting climate change

    In a joint statement, China and the European Union will commit to full implementation of the Paris Climate Agreement, said officials.
    Mata: We have high hopes for next season

    Mata: We have high hopes for next season

    I've known him since our time together with the Under-18s and it's great to have him back and great to play alongside him again". Jose Mourinho's men eventually finished sixth in the table, 24 points behind champions Chelsea .
    Japan's NSA urges China to play bigger role in restraining North Korea

    Japan's NSA urges China to play bigger role in restraining North Korea

    The est comes amid heightened tensions between the US and Pyongyang over North Korea's continued provocations. However, the Chinese statement made no mention of North Korea .
  • Ban on cow slaughter fine, but not on other cattle: Athawale

    Ban on cow slaughter fine, but not on other cattle: Athawale

    A cattle market in Uttar Pradesh was witnessing the sale of about 250-300 buffaloes but the new rule has changed the scenario. The court observed that there is no blanket ban on slaughtering the cattle or consuming the meat.
    Sony's PlayStation Plus Free Games List for June 2017 leaked

    Sony's PlayStation Plus Free Games List for June 2017 leaked

    After the groundbreaking success, they are finally going to be available for free via PlayStation Plus June 2017 games lineup . This is not the full PlayStation Plus lineup as the games for PS3 and PS Vita are still unknown and not confirmed yet.

    The love/hate relationship between Yankees legend Derek Jeter and Boston

    Astros: 2B Jose Altuve appeared to be limping slightly before he was pinch run for in the ninth inning of the second game. Some of Jeter's former teammates weren't in attendance for the ceremony, most notably Alex Rodriguez.
  • Centerville teen advances to the 3rd round at national spelling bee

    When the 13-year-old started elementary school, he had to learn how to talk and interact with his classmates. Ben is a well rounded kid who plays viola and baseball, in addition to studying for spelling bees .
    Underdog Cavs insist they have plenty of bite for Finals

    Underdog Cavs insist they have plenty of bite for Finals

    This group almost beat the full-strength Cavs previous year , and adding Kevin Durant tipped the scales in their favor. One, James is the best player alive and his entire motivation now seems to revolve around collecting more rings.
    Check gseb.org for Gujarat GSEB Class 10th results 2017

    Check gseb.org for Gujarat GSEB Class 10th results 2017

    The results, announced today, show a wide gap in the performance of students from English-medium and Gujarati-medium schools. A huge number of candidates appeared for the examination across various examination centers in Gujarat.
  • Trump's communications director set to leave White House

    The White House has not announced a successor for Dubke, and it's unclear when exactly his last day will be. "I would just say Mr. Ms Conway said Mr Dubke had agreed to continue working while Mr Trump was away on his first worldwide trip as president.
    White House communications director resigns after 3 months on job

    White House communications director resigns after 3 months on job

    Spicer worked with White House chief of staff Reince Priebus at the Republican National Committee. Dubke , who served in the post for three months, tendered his resignation May 18 .

    It Sure Looks Like the Pope Threw Some Shade at Donald Trump

    It should be noted that Pope Francis had criticized Donald Trump over his remarks of building walls during his walls. Even in 2013, former US President Barack Obama's wife Michelle Obama hadn't worn a head scarf in Saudi Arabia .