Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
800px-AkzoNobel_logo
- Credit: Picture: Wikimedia Commons/AkzoNobel
Business
AkzoNobel
PPG Industries
takeover
acquisition
Ton Buchner
Michael McGarry
Thursday, 1 June 2017 - 13:30
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

PPG backs off AkzoNobel, withdraws buyout bid

American paint company PPG Industries decided to withdraw its takeover bid for AkzoNobel. After a final attempt to get the Dutch company to accept the bid, PPG decided to give up, PPG CEO Michael McGarry said in a statement. "Akzo did not respond. We believe it's best for PPG and its shareholders to stop this attempt now", he said, AD reports.

The Americans offered 27 billion euros for AkzoNobel. The withdrawal of the bid puts an end to an acquisition attempt that lasted almost three months.

AkzoNobel was uninterested in the bid from the start. Despite some pressure from shareholders, the Akzo board refused to even talk with PPG. The company will continue to focus on itself, Akzo CEO Ton Buchner said in response to PPG's withdrawal. "We are continuing our strategy of accelerating sustainable growth and profitability." he said.

Investors don't seem to be pleased that this deal fell through. AkzoNobel's share lost 1.5 percent on the Amsterdam stock exchange after PPG announced its withdrawal.

Follow us:

Latest stories

  • Glass falls from Zandvoort gondola, injuring women; Four men held
  • Fire chief suggests national wildfire control supervisor
  • A few hundred people may be sleeping outside in Ter Apel asylum reception center
  • Crowds on beaches with parking spaces overcrowded
  • Second explosion in week rocks Kleine-Gartmantplantsoen in Amsterdam
  • German tourist drowns in Waal near Dodewaard

Top stories

  • Netherlands sees first official heat wave in two years, municipalities unprepared
  • Body found in water in Venlo, police investigate cause of death
  • 'Comfort women' provided the Royal House with millions: FTM
  • Search continues for swimmer missing at Overveen
  • Salman Rushdie stabbing "horrific" says Dutch justice minister
  • American man imprisoned for 7 years for stabbing cops during Covid curfew check

© 2012-2022, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content