AkzoNobel PPG splashes out for third bid for Dutch paintmaker

25 April 2017, 12:56 | Andres Norman

Image Akzo Nobel has the Dulux Hammerite and Polycell brands in its stable

Akzo Nobel has the Dulux Hammerite and Polycell brands in its stable

USA chemicals giant PPG Industries has upped the ante in its takeover pursuit of AkzoNobel by sweetening its offer for a second time.

It said in a statement Monday that it "will carefully review and consider this proposal" which it said was "a third unsolicited and conditional proposal" from PPG.

Shares in Amsterdam-listed Akzo rose 5%. In response to PPG's previous offer, Akzo said last week that it had boosted its dividend payouts to shareholders and set a timeline for the separation of its specialty-chemicals division as it looked to create value.

The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with Pittsburg-based PPG. It has until June 1 to launch a public takeover offer for Akzo.

The new proposal offered to buy all shares at some 96.75 euros per share, an increase of 6.75 euros on its last bid on March 21.

Brush Fires Lead To Mandatory Evacuation Order In Collier County
Florida Forest Service Deputy Chief John kern said they are planned for shifting weather patterns heading into the week. Florida's Forestry Arson Alert Association is offering up to a $5,000 reward for information leading to an arrest.

TN CM removes beacon light from car
Soon after the cabinet meet, several Union ministers and other high dignitaries removed the red beacons from their vehicles. In the past months the newly elected chief ministers of Punjab and Uttar Pradesh banned the beacons for state officials.

Microsoft announces Wunderlist successor, the imaginatively named To-Do
So that means if you are subscribed to Office 365 those will be the only accounts that work on To-Do beginning with this preview. The preview is now available for iPhone ( iOS 9.0 or later), Android (4.4 or higher), Windows 10 and Windows 10 Mobile and Web .

Value for the total outstanding equity of AkzoNobel will be approximately 24.6 billion euros ($26.7 billion), under the proposal. The CEO announced a plan last week to split the company in two and reward shareholders with a higher dividend, saying it offered more value than PPG's offer.

'Our revised proposal represents a second substantial increase in price along with significant and highly specific commitments that we are confident Akzo Nobel's stakeholders will find compelling'.

Buoyed by stronger-than-expected first-quarter profits, AkzoNobel chief executive Ton Buchner valued the chemicals division at between eight and 12 billion euros.

In an interview just after again raising the USA company's offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday's shareholders' meeting.

PPG said the spinoff plan "clearly fails to meet the additional growth opportunities that will be available to all employees of the much larger combined company".



Other News

Trending Now

Turkish strikes kill 3 in northern Syria
The Syrian Kurdish forces, backed by the USA -led coalition, are closing in on IS de facto capital, the city of Raqqa. PKK is designated a terrorist organization by Turkey, the United States and the European Union.

Nadal wins 10th Monte Carlo title, makes history
Outclassed by an iconic champion today, Ramos-Vinolas will reap the rewards of a breakthrough tournament. Nadal will face Albert Ramos-Viñolas in the final at Court Ranier III on Sunday.

Here's How Hillary Clinton's Concession Speech Came Together
Steve Schale , among the most reliable Democratic strategists in the state, informed Clinton's campaign they were short on votes. Now she's taking flak for getting too deep in the weeds in the speech she gave at her campaign's first big rally in NY .

Lights Off, Blankets Out: Lyrid Meteor Shower Peaks Tonight
If the weather cooperates, Washingtonians could get a glimpse of the annual Lyrid meteor shower Friday night. For optimal viewing, find an open sky, lie on the ground, and look straight up into the dark sky.

What's Motivating People to March for Science?
Ferris says Milwaukee's March for Science is just the beginning of a push to advocate for scientific thinking and research. Those planning to attend include those who work in science and others who care about its role in public policy.

US Crude Oil Imports Increased in 2016
Despite the gloomy data, oil investors are holding out hope for short-term good news about a decline in USA stocks. Brent for June settlement was 16 cents higher at $56.39 a barrel on the London-based ICE Futures Europe exchange.

Justice Dept. tells 9 sanctuary cities grant money at risk
In California, Attorney General Xavier Becerra suggested the state would not comply with the demand letter from U.S. Sessions links immigration to a variety of social problems, including what he calls a rise in crime.

Spurs can no longer be considered underdogs, says Antonio Conte
Anthony Knockaert is one of four Brighton players in the Championship Team of the Year. Conte appears resigned to being without his on-field captain this season.

Jurgen Klopp hints at retirement after Liverpool
The Liverpool manager has called for the Anfield crowd to be at its most vociferous and wants a similar approach from his players. Jurgen Klopp believes Liverpool would be challenging for the title alongside Chelsea had injuries not hampered his side.

U.S. justices lean towards church in key religious rights case
The state, however, denied the application despite having a program that provides funding for this objective . Three-quarters of the US states have provisions similar to Missouri's barring funding for religious entities.