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Akzo CEO Said to Be Jolted Into Dealmaking to Fend Off PPG

  • Buechner rallying support to separate out chemicals business
  • Dutch executive mulling acquisitions, expecting new PPG offer
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Akzo Nobel NV Chief Executive Officer Ton Buechner, who is fending off a bid from U.S. rival PPG Industries Inc., is rushing to rally investor support for his strategy to break up the Dutch paint maker while at the same time accelerating the hunt for potential acquisitions, according to people with knowledge of the situation.

Buechner has assembled a task force of executives and advisers that meets daily with the expectation PPG is poised to sweeten its $22 billion offer, which was rejected by the Amsterdam-based company last week, said the people, who asked not to be identified because the matter is private. The CEO is even wary of traveling because he doesn’t want to be caught on the road in the event of a new bid, they said.