Published: Tue, April 25, 2017
Business | By Jorge Reeves

Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

USA paint maker PPG Industries raised its proposed offer for Akzo Nobel by about 8 percent to 26.9 billion euros ($28.8 billion) on Monday, increasing the pressure on its Dutch rival to enter into talks.

The move comes a day before Akzo, which has declined two previous approaches from PPG, faces a group of unhappy shareholders at its annual meeting.

Monday, in a letter to Akzo, PPG said its latest offer represents "one last invitation" for Akzo to reconsider its previous denials.

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On Monday, Akzo confirmed receipt of the "third unsolicited" bid from PPG and said that it is reviewing the offer "in accordance with its fiduciary duties".

Akzo rose 4.2 percent to 81.51 euros at 12:40 p.m.in Amsterdam.

Elliott Advisors, a top-five Akzo investor that has been pressuring the firm to engage in talks with PPG, said the offer "clearly warrants honest engagement".

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The Pittsburgh-based suitor has bolstered its cash and share bid for the Dulux paint maker by 8% to 96.75 euro per share, with the potential tie-up now valued at 26.9 billion euro (£22.8 billion). The CEO has since announced a plan to split the company in two and reward shareholders with a higher dividend, saying it offered more value than PPG's offer.

"Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel's stakeholders will find compelling".

Professor John Colley, of Warwick Business School, said PPG's new offer has given AkzoNobel little option but to engage. The bidder said its new offer is superior to that plan.

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Both moves, if completed, would make Akzo a less attractive target for PPG, although the US company has said the primary reason for the takeover would be synergies of $750 million between the companies' paints and coatings businesses.

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