Lat­est bid for ri­val Akzo fails

The Star Early Edition - - BUSINESS REPORT -

US PAINTS and coat­ings maker PPG In­dus­tries will not launch a for­mal bid for Dutch ri­val Ak­zoNo­bel af­ter re­peated in­for­mal of­fers were re­jected, it said yes­ter­day. Un­der Dutch se­cu­ri­ties rules PPG may not ap­proach Akzo again dur­ing a six-month cool­ing-off pe­riod. PPG chief ex­ec­u­tive Michael McGarry said the com­pany had made a fi­nal ap­proach to Akzo last week, but the com­pany did not re­spond. “As a re­sult, we be­lieve it is in the best in­ter­ests of PPG and its share­hold­ers to with­draw our pro­posal to Ak­zoNo­bel. – Reuters

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