PPG abandons pursuit of Akzo

US chemicals giant PPG Industries has a bandon edits €26.9 billion (£ 23.3bn) pursuit of Dulux owner Akzo-Nobel.

PPG had made several informal attempts to take Akzonobel over but was continuously rebuffed by the group’s board, which favours its own strategy. Akzo had come under pressure from activist investor Elliot Advisors to engage with PPG.