AkzoNobel rejects third PPG bid

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