PPG Hints It May Walk Away From $29.5 Billion Bid for Akzo Nobel
by Jack Kaskey and John Bowker
10 mei 2017 13:04 CEST 10 mei 2017 18:49 CEST
U.S. paintmaker weighs ‘whether or not’ to pursue takeover
Dutch rival rejects proposals, defying shareholder pressure
PPG Industries Inc. is considering whether to drop its pursuit of paintmaking rival Akzo Nobel NV, suggesting for the first time that it may end a takeover push after the Dutch maker of chemicals and coatings refused to discuss a sweetened offer of $29.5 billion.
The U.S. paintmaker remains convinced that its proposal is “vastly superior” to Akzo Nobel’s alternative plan of splitting into two companies, Pittsburgh-based PPG said in a statement Wednesday. An offer for the executives at the rivals to meet remains on the table.
“Without productive engagement, PPG will assess and decide whether or not to pursue an offer for Akzo Nobel,” according to the statement.
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Akzo Nobel on Monday rejected PPG’s third takeover bid, defying pressure from shareholders such as Elliott Management Corp. to negotiate. PPG Chief Executive Officer Michael McGarry, who is also chairman, flew to Rotterdam over the weekend with lead director Hugh Grant in an attempt to jump-start talks. They found Akzo Nobel CEO Ton Buechner and Chairman Antony Burgmans unwilling to negotiate during a 90-minute airport meeting.
“The remaining questions raised by Akzo Nobel are common negotiation points and can be quickly and reasonably resolved through an open, substantive two-way dialogue,” McGarry said in the statement. “Akzo Nobel, however, has chosen not to engage in meaningful discussions and has refused our invitation for a meeting of our respective antitrust counsels.”
Tough Region
PPG faces a difficult environment for hostile takeover in Western Europe, and the Netherlands in particular. Since the start of 2000, only about 16 percent of hostile takeovers in the country have been completed, according to data compiled by Bloomberg.
Het bovenstaande stukje zegt genoeg.