Akzo Nobel Mulls Breakup After Rejecting PPG's $22 Billion Offer [Bloomberg Business News]
PPG Industries, Inc. (PPG)
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Source: Bloomberg Business News
Akzo Nobel NV , Europe’s largest coatings company, rejected an unsolicited 20.9 billion-euro ($22.1 billion) takeover bid from PPG Industries Inc. and said it may separate its specialty chemicals business to boost the stock price. PPG’s bid, worth 83 euros a share at the end of February, substantially undervalued the company, Amsterdam-based Akzo said in a statement Thursday, confirming a Bloomberg News report that the U.S. company was exploring a deal. The bid is 29 percent above Akzo’s closing level Wednesday. Various “alternative ownership structures” are being considered for specialty chemicals, including a spinoff, the company said. Akzo shares rose the most in more than eight years. Spurred on by PPG’s approach, Chief Executive Officer Ton Buechner is taking head-on the longstanding question whether Akzo Nobel would fare better as a focused coatings company, without the distraction of making chemicals ranging from commodities including chlorine to
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PPG
Earnings
- 4/18/24 - In-Line
PPG
Sec Filings
- 4/23/24 - Form 8-K
- 4/22/24 - Form 8-K
- 4/19/24 - Form 10-Q
- PPG's page on the SEC website