PPG again raises bid for Akzo Nobel

PPG again raises bid for Akzo Nobel

U.S. paints and coatings group PPG Monday upped its offer in a battle to take over the world's leading paintmaker AkzoNobel, with a new bid valuing the Dutch company at about 24.6 billion euros. Akzo rejected it March 22, saying it was too low and not in the interests of shareholders, customers or employees.

"We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel's shareholders", PPG Chairman Michael McGarry said in a letter to Akzo's chairman and its chief executive.

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

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PPG said the proposed deal would deliver annual cost savings of 750 million United States dollars (£585 million) and was "vastly superior" to the Dutch firm's plans to stay independent. He also said that any deal between the two firms risked being derailed by regulatory bodies and could lead to job cuts.

A deal could result in job losses as operations are streamlined, though PPG insisted Akzo Nobel's marine and protective coatings business would continue to be based in both the United Kingdom and the Netherlands.

U.S. firm PPG has increased its bid for Dulux owners AkzoNobel for the second time.

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It said: "The Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal".

"Under the new structure, the company will either list the Specialty Chemicals unit as a separate entity or sell it and focus on Paints & Coatings business with "fit-for-purpose" structure and processes".

Known for its strong-arm tactics, Elliott, which holds a stake worth more than 3%, said it would attempt to oust AkzoNobel's managers if the company refused to commence talks with PPG.

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Reps from Elliott did not immediately respond to requests to comment.

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