AkzoNobel Drops 2.4% After Rejecting Second Takeover Bid From PPG

Shares of Dutch paints and chemicals giant Akzo Nobel NV lost 2.4% in early Wednesday trade after the company rejected a second takeover offer from PPG Industries Inc. . U.S. coatings major PPG had offered to buy Akzo Nobel for 88.72 euros a share, up from the first offer of €83 a share. "This proposal significantly fails to recognize the value of Akzo Nobel. Our boards do not believe it is in the best interest of Akzo Nobel's stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously," said the company's chief executive Ton B�chner in a statement.