Deals
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
Akzo Nobel Rejects $22.1B Takeover Bid From PPG
This article is for subscribers only.
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.