Houston — PPG Industries dropped its pursuit of paint making rival AkzoNobel after the Dutch maker of chemicals and coatings refused to discuss last-ditch sweeteners to a $29.5bn offer. PPG made a final effort in recent days to bring AkzoNobel to the negotiating table, offering in a letter to nominally increase the price and pay a €600m breakup fee if regulators rejected the deal, the Pittsburgh-based company said on Thursday. PPG said it sent the letter on Monday to chairman Antony Burgmans because he had declined an e-mailed request for a 5-minute phone call. "Akzo Nobel’s boards have consistently refused to engage and did not respond to our call or letter," PPG CEO Michael McGarry said. "As a result, we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time."
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