PPG mulls new takeover bid for Akzo after previous one rejected
Coatings and specialty products maker PPG Industries is preparing a renewed takeover bid for Akzo Nobel NV, after a previous offer was rejected, Bloomberg reported citing people familiar with the matter. Akzo rejected a USD 22bn (GBP 18bn) offer from PPG on 9 March, saying that the bid substantially undervalued the business. PPG said at the time it would carefully evaluate its position, calling the original offer an “attractive and comprehensive proposal.” Analysts now expect PPG to return soon with a fresh offer, and the Bloomberg news agency reported on Monday that the US company was preparing the details. However, the mounting Dutch political opposition underlines the uphill struggle PPG could face. BBC says that four Dutch provincial governments have said they oppose a takeover of AkzoNobel, fearing the impact on jobs. "This takeover would put 5,000 jobs at risk in the provinces," the four provincial governors said. "Akzo belongs in the provinces."