Deadline passes for PPG
PPG has today decided not to make another bid for AkzoNobel meaning, under Dutch rules, it may not approach the company again for at least another six months.
The American company has made three bids for AkzoNobel in recent months, but has been rejected out of hand each time. AkzoNobel said the value of the bids undervalued the company and highlighted ‘cultural differences’ between the two. AkzoNobel will now press ahead with its own plans, which include selling off its Chemicals Division, valued at around €8bn.
PPG’s third offer of €26.3bn, raised from previous bids of €20.9bn and €23bn, came in the first week of May, which received no response from AkzoNobel.
PPG CEO Michael McGarry said, ‘We believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time.’