PPG Still Intends To Make Public Offer For All Outstanding Shares Of AkzoNobel

By Ciara LinnaneMarketsMarketWatch Pulse

Paint maker PPG Industries Inc. said Wednesday it still intends to make a public offer for all outstanding shares of anglo-dutch paint maker Akzo Nobel N.V. , urging the company to enter talks on a merger. PPG said it still believes a combination of the two companies has a "strong strategic rationale" and presents a compelling and unique opportunity for shareholders. "The resounding feedback we have received in the Netherlands, the U.K. and the U.S. further validates the merits of combining PPG and AkzoNobel, " PPG Chief Executive Michael McGarry said in a statement. PPG said it is committed to addressing issues raised by Akzo Nobel, including continuing to commit to research and development and honoring employment terms and social plans. "We once again invite AkzoNobel to meet with us to learn more about our specific proposals," said McGarry. PPG has offered to acquire Akzo Nobel for 88.72 euros a share, after sweetening an earlier offer of 83.00 euros a share. Akzo Nobel shares were trading slightly higher in London, while PPG shares were still inactive in the U.S. premarket.

Copyright © 2017 MarketWatch, Inc.

Continue Reading Below