Ak­zoNo­bel re­jects third PPG bid

New Straits Times - - Business -

THE HAGUE: The world’s lead­ing paint­maker Ak­zoNo­bel yes­ter­day turned down a third re­vised of­fer bid from United States­based ri­val PPG.

“The PPG pro­posal un­der­val­ues Ak­zoNo­bel, con­tains sig­nif­i­cant risks and un­cer­tain­ties, makes no sub­stan­tive com­mit­ments to stake­hold­ers and demon­strates a lack of cul­tural un­der­stand­ing,” said chief ex­ec­u­tive Ton Buch­ner.

The Am­s­ter­dam-based Ak­zoNo­bel, which makes house­hold brands such as Du­lux and Trimetal, was re­spond­ing to a re­vised of­fer from PPG last month which val­ued the Dutch com­pany at about €24.6 bil­lion (RM117 bil­lion).

PPG warned its third of­fer on April 24 was “one last in­vi­ta­tion” to Ak­zoNo­bel to “en­gage with us on cre­at­ing ex­tra­or­di­nary value and ben­e­fits for all of Ak­zoNo­bel’s stake­hold­ers”.

It of­fered to buy all shares in the Dutch com­pany at some €96.75 per share, an in­crease of €6.75 on a pre­vi­ous bid on March 21.

But Ak­zoNo­bel’s se­nior man­age­ment re­mained un­moved yes­ter­day, say­ing the group “con­cluded that PPG’s pro­posal is not

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.