The world’s leading paintmaker AkzoNobel on Monday turned down a third revised offer bid from US-based rival PPG, saying it still undervalued the Dutch company. “The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding,” chief executive Ton Buchner in a statement. … Read more
US paint maker PPG has offered to pay more than $24bn (£19bn) for the firm. Dulux paint-owner AkzoNobel has reported a “record performance” for its first quarter as it continues to resist a hostile takeover attempt by a US rival. Earnings before income tax climbed 13% year-on-year to 376m euros (£314m), while sales were up … Read more
The Dutch maker of Dulux paint has rejected a second takeover offer from a US rival. Paints and coatings maker AkzoNobel turned down PPG Industries, saying an improved 22.4bn-euro (£19.3bn) offer was too low and risky. Dutch politicians had publicly opposed PPG’s first proposal, saying it was not in the interests of the country. Akzo’s … Read more