Akzo Spurns PPG Again; Maintaining FVE
Akzo Nobel announced on March 22 that it has unanimously rejected a second unsolicited acquisition offer from PPG Industries. At this point, we think the probability of a transaction being completed is quite small. Consequently, we are maintaining our stand-alone EUR 58 fair value estimate for no-moat Akzo Nobel.PPG’s sweetened offer for Akzo Nobel represents a value of EUR 88.72 per share (adjusted for final dividend). This is a 7% increase over the first offer of EUR 83 on March 9. Both the ...
Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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