Reports abound on paint moves
PPG is preparing another bid for AkzoNobel after its first attempt failed earlier in March, according to Bloomberg.
AkzoNobel previously rejected a $22.1bn takeover proposal from PPG, saying the offer ‘substantially undervalues’ the company. PPG, however, called the bid an ‘attractive and comprehensive proposal’.
However, any possible takeover is facing growing opposition in the company’s homeland. Four Dutch provincial governments have said they oppose a takeover of AkzoNobel, fearing the impact on jobs.
In a joint statement published on Monday, the four provinces of Gelderland, Overijssel, Groningen and Zuid Holland – where AkzoNobel has its biggest research and development facilities as well as several factories – said they expected a new proposal from PPG and that they would oppose it.
Meanwhile, Dutch newspaper Financieele Dagblad, has reported that AkzoNobel has ‘turned the tables and is seeking its own prey’ in the form of Axalta Coating Systems.
It reports that an informed source said Axalta headed the list of AkzoNobel takeover candidates and was a ‘perfect fit’ although admitted that no talks had yet taken place.
AkzoNobel is said to believe that a large takeover would prevent any PPG acquisition.