Sunday, 22 July 2018 - 23:24
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PPG

PPG announces 1,100 job cuts globally

US-based coating giant has announced today a drastic cost reduction plan that will include dismissing a minimum of 1,100 employees globally. The measure reflects the rise in raw materials price, especially titanium dioxide, which is a key material to the…

It’s official: PPG renounces to AkzoNobel. $130bn merger failed

In a press release issued today before European stock markets opened, PPG announced it renounced to pursue the €26.9bn acquisition of Netherlands-based AkzoNobel. Over the last months, PPG had submitted as many as three bids to AkzoNobel’s board, with the…

PPG not starting hostile takeover of AkzoNobel

PPG industries is apparently planning to continue talks with AkzoNobel’s board in order to acquire the Netherlands-based group, Dutch economic and financial daily Het Financieele Dagblad reported today. An Amsterdam commercial court yesterday ruled in favor of AkzoNobel’s board and…

AkzoNobel rejects even new bid by PPG, worth €26.8bn

AkzoNobel’s board rejected even the latest – third – bid submitted by PPG on April 24, claiming that neither does this new acquisition proposal by the Dutch group reflect the company’s potential. PPG offered €96.75 per share, a significant increase…

AkzoNobel announces new strategy and PPG keeps urging merger

AkzoNobel CEO announced yesterday first-quarter results. Sales increased by 7% (€3.6bn) and margins improved by 10.3%. The management also announced €1bn special dividends. Besides, Ton Büchner took the opportunity to disclose the details of the new strategy expected to ensure…

AkzoNobel resists attacks by PPG

The financial community holds high expectation about the update Ton Büchner, Akzo Nobel CEO, will give investors later this week. On the occasion, the Dutch manager will present his strategy, aimed at ensuring growth while staying independent – which implies…

PPG, AkzoNobel CEOs hold extremely different views

Dutch TV channel RTL Z compared two recent interviews to PPG and AkzoNobel CEOs, clearly showing that the two Chief Executives hold extremely different views about the US-based company acquiring Akzo. According to McGarry, PPG CEO, the two groups are…

Here is how Akzo Nobel can resist PPG takeover attempt

Akzo Nobel does have the tools to resist the takeover attempt by US-based PPG. For instance, the Foundation Akzo Nobel has priority shares which entitle it to choose the group’s board and controlling body members. Therefore, in case of takeover,…

PPG doesn’t give up and prepares new bid for Akzo Nobel

PPG is preparing a new offer to acquire Netherlands-based Akzo Nobel, Dutch economic and financial daily Het Financieele Dagblad reports. Akzo Nobel announced two days ago that PPG had offered €83 per share, which corresponds to valuing the group at…

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…

PPG to cut 1,700 jobs worldwide

PPG announced a severe staff cut which will include 3.6% of the Pittsburgh-headquartered group’s workforce, or approximately 1,700 layoffs. The cuts will be spread across all geographic regions and will focus on units whose performances are not meeting expectations. Remarkably,…

PPG takes full ownership of Univer Italia s.r.l.

PPG announced today it has acquired all of the shares in the joint venture it has founded in 2016 with Italy-based partner Univer Italiana. The JV, which has its registered office in Cavallirio, Italy, employs about 150 people and operates…