PPG table ‘final’ AkzoNobel offer
AkzoNobel meets shareholders today just 24 hours after PPG raised its proposed bid to €26.9 (£23bn), which the American company has described as its ‘final’ offer.
It is the third bid PPG has made for the Dutch company, which has to date rejected all advances.
Some shareholders have been dismayed by AkzoNobel’s refusal to meet with PPG, but AkzoNobel is instead proposing a new corporate strategy which involves selling or floating its chemicals division and offering shareholders €1.6bn in dividends.
PPG chief executive Michael McGarry said, ‘I think it’s important for them to do the due diligence and to sit down and listen to us. They have run out of excuses to throw on the table to say why they shouldn’t.’