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.