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.