Bloomberg reported yesterday that its sources indicate PPG Industries Inc. is preparing a new takeover bid for Akzo Nobel NV.
On March 9, AkzoNobel announced it rejected an unsolicited offer from PPG to form a combined company that AkzoNobel says undervalued its business. In response to the offer, AkzoNobel’s CEO announced the company would explore alternative ownership structures for its Specialty Chemicals business including, but not limited to, the establishment of an independent listed entity. By doing so, AkzoNobel would focus its strategy on its Decorative Paints and Performance Coatings businesses of which automotive refinish coatings are one part.
At
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.