Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PPG Pushes Akzo to Negotiate Deal

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PPG Pushes Akzo to Negotiate Deal

Article excerpt

PPG again urged coatings rival AkzoNobel to sit down and hammer out a deal to be acquired, saying it can inject more value into the Dutch company than Akzo's own strategic plan will do.

In an open letter to Akzo's stakeholders on Monday, Michael McGarry, PPG's chairman and chief executive, said Akzo's plan to unlock value by spinning out its chemicals business "will be more risky, create more uncertainty for AkzoNobel employees, leave AkzoNobel with stranded costs from the divestiture, and create less value than our proposal."

PPG last month made two offers to buy Amsterdam-based Akzo with the latest bid valued at $26 billion, or 90 euros per share including a dividend.

Despite mounting pressure from its shareholders to negotiate with PPG, Akzo rejected the bids saying they undervalued the company and put jobs at risk. …

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