Dutch Economic Affairs minister says still opposed to Akzo Nobel takeover

Akzo Nobel has the Dulux Hammerite and Polycell brands in its stable
Image Akzo Nobel has the Dulux Hammerite and Polycell brands in its stable
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25 April, 2017

"Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel's stakeholders will find compelling", Mr. McGarry said.

PPG has said a merger could result in savings worth at least $750m.

PPG said the spinoff plan "clearly fails to meet the additional growth opportunities that will be available to all employees of the much larger combined company".

"The Board of Management and Supervisory Board of Akzo Nobel will carefully review and consider this proposal", said Akzo, noting it was required by law to study the bid.

"Under the new structure, the company will either list the Specialty Chemicals unit as a separate entity or sell it and focus on Paints & Coatings business with "fit-for-purpose" structure and processes". But it has come under pressure from Elliott Management, the US hedge fund founded by billionaire Paul E. Singer, and other shareholders to engage with its suitor. Akzo alerted Dutch regulatory authorities about possible collusion between the two companies.

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The Dutch firm announced plans earlier this year to build a 12.6 million euro (£10.7 million) innovation hub near Gateshead, safeguarding 270 jobs.

He said PPG believed the deal would add to its earnings from the first year and given the support from Akzo shareholders, the USA firm would submit a formal offer to the Dutch financial markets regulator by June 1, regardless of what Akzo does.

"Whether the offer is low or high, that doesn't change my opinion", Kamp said in an interview with BNR radio. "PPG has threatened a hostile bid if this does not elicit a negotiation".

Both previous bids were turned down on value grounds.

"If they don't, PPG is very likely to take this directly to shareholders". Shareholders want created value through increasing dividends and share price. "Failures in corporate governance which allow boards to ignore value creation for shareholders often result in the emergence of activists such as Elliott".


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