Deals
PPG Chief Open to Making Hostile Bid After Akzo Spurns Offer
- CEO McGarry, CFO Morales met analysts, media in Amsterdam
- PPG executives sought to allay fears over job reductions
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PPG Industries Inc. Chief Executive Officer Michael McGarry said making a hostile bid for Akzo Nobel NV remains an option after the Dutch coatings and paint company spurned its sweetened $24.2 billion takeover offer.
“We are not taking any options off the table,” McGarry said in an interview Thursday, when asked whether a hostile bid could be ruled out. He spoke in Amsterdam following a press conference during which he highlighted the merits of bringing the two companies together. “Right now we are very interested in a collaborative discussion.”