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Akzo Mulls Breakup After Rejecting PPG's $22 Billion Offer

  • U.S. company made an unsolicited bid of 83 euros a share
  • Akzo explores options to separate specialty chemicals
Bloomberg business news

Akzo Nobel Rejects $22.1B Takeover Bid From PPG

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Akzo Nobel NV, Europe’s largest coatings company, rejected an unsolicited 20.9 billion-euro ($22.1 billion) takeover bid from rival PPG Industries Inc. and said it may divest its specialty chemicals business to boost the stock price.

PPG’s bid, worth 83 euros a share at the end of February, substantially undervalued the company, Amsterdam-based Akzo said in a statement Thursday, confirming a Bloomberg News report that the U.S. company was exploring a deal. The offer is 29 percent above Akzo’s closing level Wednesday. The shares rose the most in more than eight years, although they remained below the offer price.