Almost all the leading shareholders in Akzo Nobel want the Dutch paint company to engage in the $24bn takeover negotiations with rival PPG Industries, says the chief of the US group.
PPG’s Michael McGarry said that his company had been in contact with nearly all of Akzo Nobel’s top-20 equity investors, who were “virtually unanimous” in their support for the “parties getting together”. “[They were] absolutely dismayed that shareholders are being prioritised last in this conversation,” Mr McGarry said.
Akzo Nobel, which owns the Dulux paint brand, has attempted to buck the trend of consolidation sweeping the wider chemicals sector by vehemently rejecting two takeover offers from PPG over the past month.
PPG said it intends to make a formal bid for Akzo even after Europe’s largest coatings company refused to enter talks and rejected two offers. The US company’s most recent bid was valued at about $24 billion.
Full Content: Bloomberg
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