US paints maker PPG Industries has ramped up its bid to take control of Dulux, again imploring AkzoNobel to engage in talks and pledging to address issues raised by the Dutch company.
AkzoNobel has rejected two offers from PPG, the second of which valued the company at €24.5bn (£21bn), last month.
Shareholders, led by activist Elliott Advisors, have been frustrated by the approach and urged the company to at least engage in discussions.
AkzoNobel has explained that it is not engaging because it feels the offers undervalue the company, and that a deal would raise complex antitrust concerns. There has also been noisy political opposition in the Netherlands to the deal.
PPG today reiterated its invitation for AkzoNobel to engage in talks, saying it believes a “combination of the two companies has a strong strategic rationale and presents a highly compelling and unique opportunity for both [companies] and their respective shareholders”.
“Together, we can create a stronger company that will benefit all of AkzoNobel’s stakeholders, including its Netherlands-based employees,” said Michael McGarry, PPG chairman and chief executive.
The resounding feedback we have received in the Netherlands, the UK and the US further validates the merits of combining PPG and AkzoNobel. We are now even more convinced that this combination is in the best interests of all stakeholders of AkzoNobel.
PPG stated that it is committed to several aspects of the AkzoNobel business and said it can “provide detailed answers to any specific concerns that AkzoNobel may have, including with respect to antitrust matters where PPG’s antitrust experts have conducted extensive analysis and we are confident that there is a clear path forward to complete the transaction”.
Earlier this week, AkzoNobel chief executive Ton Buchner took to vlogging to defend his approach...