OFFER FOR PAINT MAKER
AkzoNobel brushes off rival
The world’s leading paint maker snubs a new takeover bid from US-based rival PPG
The Hague — The world’s leading paint maker, AkzoNobel, snubbed on Monday a new takeover bid from US-based rival PPG, saying it still glossed over the Dutch company’s true value. "The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," CE Ton Buchner said in a statement. AkzoNobel, which makes household brands such as Dulux and Trimetal, was responding to a third revised offer from PPG late in April that valued the company at about €24.6bn. Investors did not appear to be particularly pleased with the development, however, and AkzoNobel’s share price dropped more than 3% to below €77 on the Amsterdam stock exchange’s AEX index shortly after the opening. It recovered slightly, but was still down 2.8% to €77.16 a share in early afternoon trading. PPG had warned its third offer was "one last invitation" to AkzoNobel to "engage with us on creating extraordin...
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