AMSTERDAM:

Dutch paint maker AkzoNobel could face a shareholder revolt if it continues to avoid a meeting with PPG Industries to discuss a possible takeover by the US company, PPG Chief Executive Michael McGarry told Reuters on Wednesday.

McGarry said he had been approached by “virtually all” of Akzo’s 20 largest shareholders after PPG proposed a 24.5 billion euro ($26.1 billion) takeover deal. None of them were opposed to the idea, he said.

“I think shareholders are dismayed at being placed last in all (Akzo’s) stakeholder conversations,” he said in an interview.

PPG said separately on Wednesday it was ready to address Akzo’s non-financial objections to its proposal.

On Tuesday, Akzo repeated its opposition to a deal with the US paints and coatings maker. It has said PPG’s proposal undervalues its business, would run into difficulty with competition regulators and be bad for employees. (RTRS)