PAINT PRODUCER
Clock ticks while PPG woos paint giant Akzo
US-based coatings firm prefers to pursue talks but disgruntled shareholders want a buyout offer
Amsterdam — US-based coatings firm PPG says it prefers to negotiate a multibillion-euro takeover of AkzoNobel, the world’s leading paint maker, as disgruntled shareholders seek to push the Dutch firm to consider the buyout offer. "PPG remains very interested in pursuing a consensual, privately negotiated, substantive deal with AkzoNobel," PPG CEO Michael McGarry said in Amsterdam on Tuesday. "That has always been our desire and that remains our desire," McGarry said, a day after a group of AkzoNobel shareholders, including activist fund manager Elliott Advisors, clashed with Akzo managers in an Amsterdam business court. If PPG fails to agree on a deal soon it could be forced to decide whether to mount a hostile takeover or wait months to make a new offer for AkzoNobel, which has so far refused to enter into negotiations. On Monday, disgruntled shareholders urged judges at the Dutch Enterprise Chamber to order an urgent extraordinary shareholders meeting in order to call a vote for t...
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