AkzoNobel rejects takeover attempt by PPG (€20.9bn)

Dutch chemical multinational Akzo Nobel rejected a first takeover attempt by US-based PPG, which offered €20.9bn, corresponding to €83 per share, a premium 29% over yesterday’s closing price. It is not clear at the moment whether PPG adopted a hostile approach and will keep pursuing the creation of a $42bn chemical group. Akzo Nobel announced today in a press release it is exploring the creation of a new separate entity for its Specialty Chemicals business, which yielded a revenue of €4.8bn in 2016. The options considered for Specialty Chemicals include listing and sale. (Sources: Akzo Nobel and CNBC)